News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex Strategy: NZD/USD Bulls Charge In Absence Of Reversal Signal

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

David de Ferranti, Currency Analyst

To receive David’s analysis directly via email, please SIGN UP HERE

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.

Confirm your chart-based trade setups with the Technical Analyzer.

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

New to FX? START HERE

For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES