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NZD/USD Tug-Of-War Continues Near Critical Support

NZD/USD Tug-Of-War Continues Near Critical Support

2014-05-23 08:18:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

NZD/USD: Doji Denotes Hesitation Amongst Traders

NZD/USD Tug-Of-War Continues Near Critical Support

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

NZD/USD Tug-Of-War Continues Near Critical Support

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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