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NZD/USD: Kiwi Forms Double Bottom

BySecond Skies
AuthorChris Capre
Published 09/27/2012, 07:40 AM
Updated 05/14/2017, 06:45 AM
NZD/USD

As the greenback gained v. majors this week, the Kiwi has formed a double bottom at a key role reversal level in .8187. The first attempt there formed a bullish pin bar which rejected price about 100pips. But a second attack on the level today stopped right on it. After forming a smaller pin bar rejection off of it, it then formed an outside bar and ended with an engulfing bar – so a strong intraday confluence of signals.

Being a 2nd failed attempt by the bears to breach .8187, I’d be interested in an intraday long on a corrective pullback into the level towards .8200 with tight stops below targeting .8242 and .8287 so keep an eye if price action shows weakness pulling back into this level.
NZD/USD
Global Market Commentary:
Global markets fell broadly lower today with the growing concerns over Europe as Spanish 10yr bonds hit 6% on continuing talks about a Catalonian succession. Greece didn’t help out today with massive strikes and protests along with the IMF wanting write-offs on Greek debt.

The dead cat bounce in the Dow/S&P failed today and both ended lower losing 44 & 8pts respectively, while Gold recovered a fair amount of its losses late in the day, still ending down $10.00 while Silver outperformed and held on to small gains.

Although the USD gained solidly today, a lot of the gains were pared back later in the session.

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