Potential Double Bottom on NZD/USD?

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NZD/USD 1-hour

NZD/USD 1-hour After dropping to .8650 last week, NZD/USD has found itself trading around the area again following a rejection at the .8700 handle. On the hourly timeframe, it looks like the pair could be on its way to forming a double bottom. There will have to be enough bullish momentum to push it past resistance at the SMA 200 first though. The next resistance level will be the .8700 handle which will be crucial in confirming if this is indeed a double bottom.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com.

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