Forex Strategy: NZD/USD Bulls Charge In Absence Of Reversal Signal
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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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Hourly Chart (Times in AEDT) - Created Using FXCM Marketscope 2.0
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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