NZD/USD Morning Star Pattern Pushes Price Past 0.8600
- 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.
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
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Market Analyst, DailyFX
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