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NZD/USD Set For Next Leg Lower As Dojis Fail To Stir The Bulls

NZD/USD Set For Next Leg Lower As Dojis Fail To Stir The Bulls

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Shorts Preferred
  • Dark Cloud Cover heralded correction in prices
  • Dojis suggest some hesitation by traders near 0.8600

The break below 0.8600 for NZD/USD has been met with little downside follow-through thus far. The indecision amongst traders near the key technical level is made evident by a series of Doji candlesticks. Given the Dark Cloud Cover pattern on the daily, until a bullish reversal signal emerges the downside is preferred.

NZD/USD: Break Below 0.8600 Opens Bearish Bias

NZD/USD Set For Next Leg Lower As Dojis Fail To Stir The Bulls

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; the recent consolidation is made further evident. A break below nearby support at 0.8540 would likely see some buyers step in at the psychologically significant 0.8500 handle.

NZD/USD: Signs of An Intraday Bounce Limited

NZD/USD Set For Next Leg Lower As Dojis Fail To Stir The Bulls

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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