Investing.com - Financial Markets Worldwide
🚀 ProPicks AI Hits +34.9% Return!Read Now

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.

Original post

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.