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Forex Strategy: NZD/USD Bulls Struggling Ahead of Key 0.8600 Level

Forex Strategy: NZD/USD Bulls Struggling Ahead of Key 0.8600 Level

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Doji signaled indecision near key 0.8700 handle
  • Test of 0.8600 mark prompts bulls to take a breather

The Kiwi bulls have returned following a brief retreat towards key support at the 0.8500 handle. However, we’re left to question how much steam the recovery has, given a bullish candlestick pattern did not precede the bounce. There is also notable selling pressure sitting around the psychologically-significant 0.8600 level, which may restrain further gains for NZD/USD.

NZD/USD: Bulls May Lose Steam Near 0.8600

Forex-Strategy-NZDUSD-Bulls-Struggling-Ahead-of-Key-0.8600-Level_body_Picture_2.png, Forex Strategy: NZD/USD Bulls Struggling Ahead of Key 0.8600 Level

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action; the importance of the 0.8600/05 mark is further reinforced, given that it has acted to cap gains for the pair during Asian trading today. Yet a reversal pattern remains absent at this stage, which suggests the bears may remain in hiding for the time-being.

NZD/USD: Bears Await Reversal Pattern

Forex-Strategy-NZDUSD-Bulls-Struggling-Ahead-of-Key-0.8600-Level_body_Picture_1.png, Forex Strategy: NZD/USD Bulls Struggling Ahead of Key 0.8600 Level

Four Hour 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.

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