NZD/USD Teases At Break of 0.8500 Following Doji Candlesticks
- NZD/USD Technical Strategy: Sidelines Preferred
- Dojisuggests hesitation by traders near key resistance
- Absence of bullish pattern on four chart casts doubt on gains
NZD/USD continues to keep traders in suspense as the pair teases at a break above the psychologically-significant 0.8500 handle. Several Dojis near the noteworthy resistance level reveals signs of hesitation from traders, which may be the precursor to a pullback to support at 0.8400.
NZD/USD: Doji Denotes Hesitation Amongst Traders
Daily Chart - Created Using FXCM Marketscope 2.0
Similarly, the four hour chart suggests hesitation from traders with a Doji near support at 0.8480. However, with a bullish candlestick absent the pair may struggle to push higher.
NZD/USD: Absence of Bullish Signals Cast Doubt On Recovery
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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