Trade FOREX with FXCM

  • Award-Winning Platform
  • 24/7 Customer Support
  • Trade Directly on Charts
  • Free $50K Practice Account
DailyFX Home / Forex Technical Analysis / Forex Candlestick Summary

Forex Candlestick Summary

Symbol Trend Bias Time Frame Candlestick Formation Candle Bias Chart Links

NZD/USD Candlestick Analysis: Struggling Below 0.77 Figure

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • NZD/USD Strategy: Flat
  • July 2013 Bottom Now Resistance
  • Upswing to Yield Short Trade Setup

The New Zealand Dollar is struggling to maintain upside momentum having launched a recovery following the formation of a bullish Morning Star candlestick pattern. Prices continue to grind against support-turned-resistance in the 0.7608-82 area, with a break above this threshold exposing the 38.2% Fibonacci retracement at 0.7801. Alternatively, a move back below the 14.6% Fib expansion at 0.7495 aims for the 23.6% level at 0.7344.

The dominant long-term NZD/USD trend looks to be favoring the downside. As such, we will treat any further gains as corrective and look to them as an opportunity to establish a short position at more attractive levels once the upswing is exhausted.

NZD/USD Candlestick Analysis: Struggling Below 0.77 Figure

Weekly Chart - Created Using FXCM Marketscope

--- Written by Ilya Spivak, Currency Strategist for

Latest Topics in the DailyFX Forums

robot de detection 100% compa...
by matmat
Today at 18:08
by Lesbagliotutte
Today at 18:02
DAX Talk - New
by Cridac
Today at 18:02
Concours NFP - Décembre 2015
by parphil
Today at 18:00