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NZD/USD Bullish Candlestick Pattern Puts 0.8740 In Focus

NZD/USD Bullish Candlestick Pattern Puts 0.8740 In Focus

2014-05-06 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 Formation

NZD/USD Bullish Candlestick Pattern Puts 0.8740 In Focus

Daily Chart - Created Using FXCM Marketscope 2.0

Examining the four hour chart; reveals the emergence of a Shooting Star formation near the psychologically-significant 0.8700 handle. However, it may be too early to call for a correction, given the candlestick is yet to receive confirmation from a successive down period.

NZD/USD: Bulls Push Past Key Level In Intraday Trade

NZD/USD Bullish Candlestick Pattern Puts 0.8740 In Focus

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

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