Title
NZDUSD potential double top reversal
Type
Bullish Bounce
Preference:
Price has formed a double top reversal signalling a potential bearish move from major resistance at 0.6173 which is the neckline and 38.2% Fibonacci retracement.
Price could potentially drop to major support at 0.5916 which is a 61.8% Fibonacci retracement
Alternative scenario:
If price does rise back up, we could see prices test the 1st resistance which is an overlap level at 0.6281.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.