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DailyFX Home / Forex Technical Analysis / Forex Candlestick Summary

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.

Forex_Strategy_NZDUSD_Candlestick_Setup_Hints_at_Rebound_body_Picture_5.png, NZD/USD Candlestick Setup Hints at Rebound

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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