Daily Technical Outlook FXTM - page 2
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Daily Technical Outlook 31-10 to 4-11-2016
NZD/USD
The Kiwi showed a double bottom pattern in the hourly chart near 0.7108 support, which may lead to another wave to the upside in the beginning of this week.
In the hourly chart, the pair continue to respect the lower-high structure seen from 0.7486 peak, consequently the upside momentum is likely to remain limited in the coming hours. From a short-term perspective, 0.7185 is the next level of interest and a clear breakout above it is need to confirm a re-test of 0.7260 barrier again.
Finally, the trend remains bearish despite the potential double bottom pattern seen during last Friday. In this case, bears should look for a continuation lower as long as prices continue to trade below 0.7260 peak. In the meantime, a daily close below 0.7108 support will cancel the bullish reversal scenario and should support the negative outlook.
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