NZD/USD Tug-Of-War Continues Near Critical Support
- NZD/USD Technical Strategy: Sidelines Preferred
- Dojisuggests hesitation by traders near key support
- Bullish pattern on four chart finds limited follow-through
The New Zealand Dollar has posted a Doji on the daily chart, which suggests signs of hesitation amongst traders. However, with resistance looming overhead at the psychologically-significant 0.8600 handle, it may be too soon to suggest a bounce is on the cards.
Daily Chart - Created Using FXCM Marketscope 2.0
A Bullish Engulfing pattern on the four hour chart provided limited gains for the Kiwi, given sellers remain prepared to step-in near the 0.8600 handle.
NZD/USD: Bullish Pattern Finds Limited Follow-Through
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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