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NZD/USD Hits Multi-Year High Following Bullish Candlestick Pattern

NZD/USD Hits Multi-Year High Following Bullish Candlestick Pattern

2014-06-27 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Longs Preferred
  • Recovery negates bearish patterns
  • Bullish Engulfing formation opens 0.8840

NZD/USD hit multi-year highs in earlier trade following the emergence of 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 signals enough conviction amongst traders to open the 2011 high at 0.8840.

NZD/USD: Reversal Prompts Bullish Pattern To Emerge

NZD/USD Hits Multi-Year High Following Bullish Candlestick Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

The four hour chart reveals some hesitation amongst traders, denoted by several Doji candlesticks near the May high at 0.8775. However, the pattern may not be 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 Hits Multi-Year High Following Bullish Candlestick Pattern

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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