A double bottom is forming in the NZDUSD

A close above the 0.6700 level tomorrow may trigger a longer term double bottom setup for the pair. Despite the RBNZ staying dovish yesterday, that didn’t help the NZD bears at all. A move above the 0.6710 would be a strong signal that this uptrend may have “legs” as this is the 200DMA and also the 50% retracement as well. RSI is pointed higher, confirming this thought process.

NZDUSD Double Bottom

Blake Morrow