Forex Candlestick Summary
| Symbol | Trend Bias | Time Frame | Candlestick Formation | Candle Bias | Chart Links |
|---|---|---|---|---|---|
| EUR/USD | bullish | daily | BULLISH ENGULFING | bullish | View Chart |
| USD/JPY | bullish | daily | BEARISH ENGULFING | bearish | View Chart |
| GBP/USD | bearish | daily | SHOOTING STAR | bearish | View Chart |
| AUD/USD | bearish | daily | View Chart | ||
| USD/CAD | bullish | daily | MORNING STAR | bullish | View Chart |
| NZD/USD | neutral | daily | BULLISH ENGULFING | bullish | View Chart |
NZD/USD Candlestick Setup Hints at Rebound
NZD/USD Technical Strategy: Flat
Prices put in a Bullish Engulfing candlestick pattern above support at 0.8052, the November 16 2012 low, hinting a move higher is ahead. Near-term resistance is at 0.8181, a formerly broken horizontal support level, with a break above that targeting the 38.2% Fibonacci retracement at 0.8261. Alternatively, a move below support eyes the 0.80 figure and the September 5 2012 low at 0.7914. We will opt to wait for added confirmation before entering a trade and stand aside for now.

Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
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