bottomcatcher

NZD/USD gets volatile following Sept decline

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
The NZD/USD currency pair suffered a heavy decline during the last two weeks of September this year after the double top pattern held nicely for that month. The recovery from the lows of September (6511.6) has been somewhat choppy for this pair, making it difficult for traders using tight stops to get a handle on direction.

The bear flag inside the broadening wedge formation displayed clearly on the 4-hour chart, could suggest a re-test of the lower diverging support line, these broadening formation patterns are typical after a significant rise or decline, which the pair experienced during the latter part of September. These patterns can also appear on many other charts ahead of the upcoming election, due to heightened volatility etc.

A clean break below (1) could set the tone for lower prices over the short term.


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Nice idea!
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