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NZDUSD Watching Double Bottom

The New Zealand dollar is attempting to recover higher against the US dollar after sellers failed to breach the June monthly trading low last week. A bullish double-bottom pattern may have formed after sellers failed to breach the 0.6925 support level last week. A technical breakout to the upside is likely this week if NZDUSD bulls can move past the 0.7100 resistance barrier.

The NZDUSD pair is only bullish while trading above the 0.7100 level, key resistance is found at the 0.7200 and 0.7300 levels.

The NZDUSD pair is only bearish while trading below the 0.7100 level, key support is found at the 0.6990 and 0.6925 levels.

These trading ideas can only be applied to the intraday trading strategy and remain valid for 24 hours after publication. They are based on historical data and analysis and do not guarantee constant profit. You remain solely responsible for your decisions and the financial risks you take. In case your pending order is not executed within a single trading day, please, do not forget to cancel it.

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