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NZD/USD Traders Deliberate Near 2014 High As Harami Pattern Emerges

NZD/USD Traders Deliberate Near 2014 High As Harami Pattern Emerges

2014-06-20 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • SecondHarami emerges near key resistance
  • Intraday dip may be limited by nearby support

The Kiwi is once again teasing at a break of its 2014 high near 0.8745. However, the emergence of a second Harami pattern on the daily suggests hesitation remains amongst the bulls to push the pair higher. Buyers will likely look to keep the pair supported at the psychologically-significant 0.8700 handle.

NZD/USD: Harami Emerges Near 2014 High

NZD/USD Traders Deliberate Near 2014 High As Harami Pattern Emerges

Daily Chart - Created Using FXCM Marketscope 2.0

The four hour chart suggests the potential for an intraday dip in the session ahead, signaled by the Harami candlestick formation. However, the extent of a correction may be limited given support at 0.8690/0.8700 rests nearby.

NZD/USD: Intraday Dip May Be Limited By Nearby Support

NZD/USD Traders Deliberate Near 2014 High As Harami Pattern Emerges

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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