AUD/NZD Formed a Double Bottom

AUD/NZD reached the support at 1.0865 – 1.0860 for a second time in a month and formed a double bottom at that level as well as a clear inverted hammer candlestick on the daily time-frame also at that level. Although the pair broke out below the support that breakout proved to be false as it bounced off from 1.0840 and retraced back above the aforementioned support. The pair will likely continue moving to the upside towards the closest resistance at 1.0960, which coincides with the (MA)89 indicator on the daily time-frame. If it succeeds in breaking out above that level it will probably continue rising towards 1.1050 which is the last high.