![NZD/USD Technical Analysis: Double Bottom and Forming Retracement for Bullish NZD/USD Technical Analysis: Double Bottom and Forming Retracement for Bullish](https://c.mql5.com/6/7/splash-5494.jpg)
NZD/USD Technical Analysis: Double Bottom and Forming Retracement for Bullish
16 August 2014, 13:11
![Rachael Taylor Rachael Taylor](https://c.mql5.com/avatar/2014/7/53B6B068-2482.jpg)
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- NZD/USD Technical Strategy: Flat
- Support: 0.8470, 0.8401, 0.8350
- Resistance:0.8509, 0.8571, 0.8621
The New Zealand Dollar edged higher against its US counterpart after
putting in a bullish Piercing Line candlestick pattern, hinting a double
bottom may be forming. Initial resistance is at 0.8509, the
intersection of a previously broken rising trend line (set from August
2013) and the 23.6% Fibonacci retracement. A break above that on a daily
closing basis exposes the 38.2% level at 0.8571. Alternatively, a turn
below the 14.6% Fib at 0.8470 opens the door for a test of the June 4
low at 0.8401.
![](https://c.mql5.com/6/7/dailyclassics_nzd-usd_body_Picture_11.png)
Prices are wedged too closely between near-term support and resistance to justify taking a trade from a risk/reward perspective. We will stand aside for the time being, waiting for a more attractive setup to present itself.