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

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

David de Ferranti, Currency Analyst

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

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