News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
NZD/USD Doji On The Daily Signals Hesitation Near 2014 High

NZD/USD Doji On The Daily Signals Hesitation Near 2014 High

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Dojisignals hesitation from traders near key resistance
  • Absence of reversal signals casts doubt on correction

NZD/USD’s consolidation continues as the pair teases traders near key resistance at 0.8780. While a Hanging Man candlestick warned of a correction for the pair, the bears seemingly lost steam shy of support at 0.8700. With a Doji having formed on the daily signs of indecision from traders is evident, which leaves clear directional signals absent.

NZD/USD: Doji Signals Indecision Near Recent Highs

Please add a description for the image.

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

The four hour chart offers a clearer picture of the recent range between 0.8720 and 0.8790. A Morning Star formation near the range-bottom offered a bullish reversal signal and helped herald a recovery for the pair in yesterday’s trading. An absence of bearish patterns casts doubt on the potential for a pullback over the session ahead.

NZD/USD: Morning Star Pattern Yields Intraday Recovery

Please add a description for the image.

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

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

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

DISCLOSURES