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Forex Strategy: NZD/USD Eyes 0.8500 With Bullish Signal Absent

Forex Strategy: NZD/USD Eyes 0.8500 With Bullish Signal Absent

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Doji signaled indecision near key 0.8700 handle
  • 0.8500 mark likely to provide support

The NZD/USD has conducted an about-face following several failed attempts at a breakout above its 2013 high near 0.8700. The Doji noted in recent candlesticks reports helped signal fading momentum amongst the bulls. While sellers briefly paused at the 0.8600 handle the pair was quick to resume its declines in Asian trading today. A break below the next psychologically-significant level at 0.8500 would likely offer a downside target near 0.8400.

NZD/USD: Prices Reverse Following Doji Formation

Forex-Strategy-NZDUSD-Eyes-0.8500-With-Bullish-Signal-Absent_body_Picture_3.png, Forex Strategy: NZD/USD Eyes 0.8500 With Bullish Signal Absent

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action; a bullish reversal signal is notably absent, which puts a potential bounce in doubt.

NZD/USD: Signs of A Bounce Absent

Forex-Strategy-NZDUSD-Eyes-0.8500-With-Bullish-Signal-Absent_body_Picture_2.png, Forex Strategy: NZD/USD Eyes 0.8500 With Bullish Signal Absent

Four Hour Chart - Created Using FXCM Marketscope 2.0

Finally, taking some broader context from the weekly chart; a Bearish Engulfing pattern appears to be forming which could warn of a more significant decline for NZD/USD. However, the second candle has yet to close and receive confirmation from a second down period to be validated.

NZD/USD: Bearish Engulfing Pattern Forming

Forex-Strategy-NZDUSD-Eyes-0.8500-With-Bullish-Signal-Absent_body_Picture_1.png, Forex Strategy: NZD/USD Eyes 0.8500 With Bullish Signal Absent

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.