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Forex Strategy: NZD/USD Bulls Charge In Absence Of Reversal Signal

By , Currency Analyst
06 March 2014 11:49 GMT

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Talking Points

  • NZD/USD Technical Strategy: Longs preferred
  • Upside breakout eyes previous highs near 0.8515
  • Absence of bearish reversal signal suggests extended gains

The Kiwi bulls have taken charge as the NZD/USD has broken above previous range-top resistance near 0.8400. The pair is hinting at an extended advance towards its October 2013 highs near 0.8515 as a bearish reversal signal remains absent.

The advance comes off the back of a Hammer candlestick formation on the hourly chart as noted in the most recent Kiwi report. The continued gains for the pair also negate the hint of a decline on the daily chart with the posting of a Shooting Star formation, which failed to receive confirmation.

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Forex_Strategy_NZDUSD_Bulls_Charge_In_Absence_Of_Reversal_Signal_body_Picture_2.png, Forex Strategy: NZD/USD Bulls Charge In Absence Of Reversal Signal

Hourly Chart (Times in AEDT) - Created Using FXCM Marketscope 2.0

Forex_Strategy_NZDUSD_Bulls_Charge_In_Absence_Of_Reversal_Signal_body_Picture_1.png, Forex Strategy: NZD/USD Bulls Charge In Absence Of Reversal Signal

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM

Contact and follow David on Twitter: @Davidde

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06 March 2014 11:49 GMT