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NZD/USD Consolidation Continues As Doji Highlights Hesitation

NZD/USD Consolidation Continues As Doji Highlights Hesitation

2014-07-03 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Dojicandlesticks highlight hesitation from traders
  • Absence of bearish patterns casts doubt on pullback

NZD/USD’s consolidation continues as several Doji candlesticks above 0.8740 suggest hesitation from traders to lead a breakout for the pair. An absence of outright reversal patterns and lack of a spike in retail trading volume casts doubt on the potential for a correction.

Traders should note the upcoming US NFPs report hold the potential to spark significant volatility for NZD/USD, which could act to negate technical signals offered.

NZD/USD: Ascent Stalls Near Recent Highs

NZD/USD Consolidation Continues As Doji Highlights Hesitation

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

The four hour chart reveals the emergence of a narrow range between 0.8730 and 0.8790. Typically such thin corridors do not persist for extended periods. However, with candlestick signals somewhat lacking, the possible direction of an eventual break is clouded.

NZD/USD: Narrow Range Forms As Traders Await Guidance

NZD/USD Consolidation Continues As Doji Highlights Hesitation

Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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