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NZD/USD Double Top Pattern – Breakout Pattern

NZD/USD Long-Term Trend: Choppy

Key Resistance Levels: 0.7182, 0.7193, 0.7204

Key Support Levels: 0.7160, 0.7149, 0.7138

Daily Chart:

The NZD/USD pair is trading choppy between a narrow trading range of 0.7032 – 0.7157. The upward trendline supports bullish bias on the daily chart; however, the downward trendline extends bearish pressure around 0.7230 level.

NZD/USD Medium-Term Trend: Bearish

1-hour Chart:

On the lower time frame, the pair trading below the resistance level that’s extended by a triple top pattern. We expect a breakout to the upside and a rally all the way up to 0.7260. Conversely, below this, the NZD/USD pair can slip until 0.7180 and 0.7153.

Signal Idea:

Sell Order @ 0.7205

TP 1 @ 0.7180

TP 2 @ 0.7150

Stop Loss @ 0.7220

Trade Safely 🙂

About Ali B.

Live Webinar Speaker & Derivatives (Forex, Commodities, and Indices) Analyst with the broad range of skills for evaluating financial data. Expert in investment trends, technical analysis, fundamental analysis, market sentiments, and trading psychology.

4 comments

  1. Typo for the latest signal? Suppose to be sell right?

  2. Alun Paranggi Wicaksono

    I think what are you trying to say is sell not buy, because the tp and sl don’t make sense

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