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NZD/USD Eyes Further Gains Following Daily Close Above 0.8500

NZD/USD Eyes Further Gains Following Daily Close Above 0.8500

2014-06-11 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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

NZD/USD Eyes Further Gains Following Daily Close Above 0.8500

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

NZD/USD Eyes Further Gains Following Daily Close Above 0.8500

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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