Technical Analysis – NZDUSD bears remain in favour after double top creation
Posted on October 8, 2020 at 7:33 am GMTNZDUSD could not sustain strength above 0.6600 as the 20- and 50-day simple moving averages (SMAs) and the blue Kijun-sen line blocked the way towards the 0.6796 peak, with the price registering a lower high in the daily chart instead. Note that the latter is following the creation of a bearish double top pattern. A forceful close below 0.6500 would make the short-term outlook cloudier and the momentum indicators cannot exclude that scenario at the moment. The RSI, although still not far below its [..]