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NZD/USD Absence Of Bearish Patterns Suggests Fresh Highs Ahead

NZD/USD Absence Of Bearish Patterns Suggests Fresh Highs Ahead

2014-07-09 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Longs Preferred
  • Breakout opens further gains in absence of bearish patterns
  • Close above 0.8780 paves the way for an advance on 0.8840

The Kiwi bulls have managed to regain control of prices after earlier signs of hesitation from a Doji formation on the daily. Following a marginal close above former-resistance-turned support at 0.8780 the pair may be primed for a push to its 2011 high at 0.8840. Support for additional gains also stems from an absence of major reversal patterns.

NZD/USD: Breakout Paves Way For Further Gains

NZD/USD Absence Of Bearish Patterns Suggests Fresh Highs Ahead

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

The four hour chart for the Kiwi similarly shows few signs of a correction over the session ahead. A retest of the initial breakout point Doji formation helps to signal further gains for the New Zealand Dollar.

NZD/USD: Clear of Bearish Reversal Patterns

NZD/USD Absence Of Bearish Patterns Suggests Fresh Highs Ahead

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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