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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The tension from March continues to subside, allowing for the $USD to slide to fresh two-month-lows. Get your currencies market update from @JStanleyFX here: https://t.co/bRSRjUqg6Z https://t.co/Q35YpIZEd2
  • López Obrador hopes #USMCA will help tighten trade relationships between the US and Mexico. Get your currencies market update from @HathornSabin here: https://t.co/bZrUKSCGaS https://t.co/MZ7UoiWWRj
  • The $AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal. Get your market update from @ZabelinDimitri here: https://t.co/LkEFJViPWY https://t.co/sofO135ElG
  • The US Dollar could rise against #ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data. Get your ASEAN currencies market update from @ddubrovskyFX here:https://t.co/LkEFJViPWY https://t.co/ZGFaQQ3Hr2
  • The #Euro is the big driver here for DXY as it is 57% of the index. It is rising now and trying to break above the March 27 high at 11147. Get your $EURUSD technical analysis from @PaulRobinsonFX here:https://t.co/6gt3F9LuGP https://t.co/73SaL5AeXD
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/EIC9YqfTec
  • Anybody else think that casting directors in movies are some of the most underrated people when it comes to giving a film/series credit?
  • No https://t.co/EoBltaP17k
  • Crude #oilprices may face heightened liquidation pressure as the cycle-sensitive #commodity finds itself under the pressure of resilient resistance and a vulnerable, multi-week rising channel. Get your crude #oil market update from @ZabelinDimitri here: https://t.co/cGPX4qcOH1 https://t.co/0U4JMJVFuf
  • The @ecb will likely boost its Pandemic Emergency Purchase Program at Thursday’s meeting of its Governing Council; a move that could give the #Euro a lift. Get your currencies market update from @MartinSEssex here: https://t.co/I4PbmJNG1z https://t.co/hu6Ld1KdDB
Forex Strategy: NZD/USD Traders Hesitant As Doji Forms Near 0.8700

Forex Strategy: NZD/USD Traders Hesitant As Doji Forms Near 0.8700

2014-04-01 11:49:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Absence of bearish reversal pattern precludes correction at this stage
  • Uptrend remains intact on daily cautioning against shorts

The Kiwi continues to tease at a breakout above the 0.8700 mark following several failed attempts by the bulls to maintain the currency above its 2013 high. While a Doji candlestick suggests some indecision amongst traders, the absence of a bearish reversal candlestick pattern precludes a meaningful correction at this stage.

NZD/USD: Teasing At Breakout Above 2013 High

Forex-Strategy-NZDUSD-Traders-Hesitant-As-Doji-Forms-Near-0.870_body_Picture_3.png, Forex Strategy: NZD/USD Traders Hesitant As Doji Forms Near 0.8700

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action; strong selling pressure remains evident near the psychologically-significant 0.8700 handle. However, similarly to the daily chart signs of a pullback are lacking for the present moment.

NZD/USD: 0.8700 Remains Critical Resistance In Intraday Trade

Forex-Strategy-NZDUSD-Traders-Hesitant-As-Doji-Forms-Near-0.870_body_Picture_2.png, Forex Strategy: NZD/USD Traders Hesitant As Doji Forms Near 0.8700

Four Hour Chart - Created Using FXCM Marketscope 2.0

The Gravestone Doji on the weekly has failed to receive confirmation from a successive down period. With prices in a continued uptrend a break above 0.8665 would favor longs with a target near resistance at 0.8830.

NZD/USD: Traders Look Past Gravestone Doji

Forex-Strategy-NZDUSD-Traders-Hesitant-As-Doji-Forms-Near-0.870_body_Picture_1.png, Forex Strategy: NZD/USD Traders Hesitant As Doji Forms Near 0.8700

Weekly Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

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

DISCLOSURES

News & Analysis at your fingertips.