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Forex Strategy: NZD/USD At A Critical Juncture Near 2014 High

Forex Strategy: NZD/USD At A Critical Juncture Near 2014 High

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Pending Long
  • Make or break moment ahead with a test of 2014 high
  • Bearish reversal signal still absent, putting doubt on correction

The Kiwi bulls have returned following a brief retreat towards key support at the 0.8500 handle. While a pause at the critical 0.8600 mark cast doubt over the potential for further gains, the pair has managed to push above the resistance level for a test of its 2014 high. This leaves NZD/USD at a critical juncture in the session ahead. Traders should be on the lookout for a potential breakout opportunity in the absence of a bearish reversal pattern at the 0.8670 mark.

NZD/USD: Faces Make Or Break Moment

Forex-Strategy-NZDUSD-At-A-Critical-Juncture-Near-2014-High_body_Picture_2.png, Forex Strategy: NZD/USD At A Critical Juncture Near 2014 High

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action; the parabolic rise of the Kiwi following the break above key resistance at 0.8600 is evident. While a Shooting Star candlestick pattern appears to be forming, it would need to close and receive confirmation from another down period before being validated.

NZD/USD: Bulls Run on 0.8700 Handle With Bearish Pattern Missing

Forex-Strategy-NZDUSD-At-A-Critical-Juncture-Near-2014-High_body_Picture_1.png, Forex Strategy: NZD/USD At A Critical Juncture Near 2014 High

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.