NZD/USD Eyes Further Gains Following Daily Close Above 0.8500
- NZD/USD Technical Strategy: Sidelines Preferred
- Daily close above psychological level suggests further gains
- Bearish candlesticks remain absent on daily and four hour chart
NZD/USD has closed above the psychologically-significant resistance level at 0.8500, highlighting a strong degree of conviction amongst the bulls. With a bearish candlestick signal seemingly absent on the daily, the pair may be primed to continue its advance on the next level of resistance at 0.8590.
NZD/USD: Close Above Resistance Puts 0.8500 In Focus
Daily Chart - Created Using FXCM Marketscope 2.0
Similarly, the four hour chart has a void of bearish reversal signals, which further supports a potential run on 0.8590.
NZD/USD: Absence of Bearish Candlesticks Casts Doubt On Correction
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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