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NZD/USD Push Above 0.8700 Negates Bearish Signals

NZD/USD Push Above 0.8700 Negates Bearish Signals

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Pending Long
  • Recovery negates bearish patterns
  • Bullish Engulfing formation opens further gains

NZD/USD has staged a sharp upside reversal which has yielded a Bullish Engulfing pattern on the daily. This acts to nullify several bearish candlestick formations including the Harami near 0.8740. A daily close above 0.8740 would signal enough conviction amongst traders to open the 2011 high at 0.8840.

NZD/USD: Reversal Prompts Bullish Pattern To Emerge

NZD/USD Push Above 0.8700 Negates Bearish Signals

Daily Chart - Created Using FXCM Marketscope 2.0

The four hour chart reveals some hesitation amongst traders, denoted by a Doji candlestick near the May High at 0.8745. However, the pattern may not enough to signal a correction over the session ahead, particularly given support likely remains at the 0.8690/0.87000 mark.

NZD/USD: Doji Highlights Indecision Near May High

NZD/USD Push Above 0.8700 Negates Bearish Signals

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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