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NZD/USD Doji Denotes Deliberation By Bears Near Critical Support

NZD/USD Doji Denotes Deliberation By Bears Near Critical Support

2014-05-13 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Shorts Preferred
  • Bearish Engulfingpattern opens drop to 0.8600
  • 4 hour chart shows few signs of a potential bounce

The Kiwi bears have taken a breather near the psychologically-significant 0.8600 handle, with a Doji formation suggesting signs of hesitation from traders to push the currency lower. However, it may be too soon to call for a bounce, given a bullish signal remains lacking on both the daily and four hour charts.

NZD/USD: Finds Support At 0.8600

NZD/USD Doji Denotes Deliberation By Bears Near Critical Support

Daily Chart - Created Using FXCM Marketscope 2.0

Similarly in intraday trade a bullish reversal signal is seemingly absent, which casts doubt on a potential recovery in the session ahead.

NZD/USD: Lacking Bullish Signal In Intraday Trade

NZD/USD Doji Denotes Deliberation By Bears Near Critical Support

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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