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NZD/USD Morning Star Pattern Pushes Price Past 0.8600

NZD/USD Morning Star Pattern Pushes Price Past 0.8600

2014-05-05 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Longs Preferred
  • Morning Star formation leads recovery in prices
  • Break of resistance at 0.8600 opens further gains

The Kiwi has broken above critical resistance at 0.8600 in recent trading with the pair forming a Morning Star pattern. While admittedly a little lopsided, the bullish candlestick formation suggests an extended recovery for the pair. The push above prior resistance at 0.8635 opens an advance on the 2014 highs near 0.8740.

NZD/USD: Recovery Continues Following Morning Star Forms

NZD/USD Morning Star Pattern Pushes Price Past 0.8600

Daily Chart - Created Using FXCM Marketscope 2.0

Examining the four hour chart reveals signs of hesitation from the bulls near the 0.8665 mark which has prompted the emergence several Doji formations.

NZD/USD: Bulls Pause As Dojis Form Near 0.8665

NZD/USD Morning Star Pattern Pushes Price Past 0.8600

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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