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NZD/USD Dojis Signal Turning Points As Short-Term Range Forms

NZD/USD Dojis Signal Turning Points As Short-Term Range Forms

2014-07-14 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Doji highlights hesitation from traders near 2011 high
  • Range may offer short-term trading opportunities

NZD/USD remains at a critical juncture as the pair trades shy of the 0.8840 mark. A Doji on the daily indicates hesitation from traders to push the pair higher, however, we’re yet to see a key reversal pattern emerge. Utilizing the four hour chart may yield some short-term range trading opportunities while the consolidation continues.

NZD/USD: Doji Highlights Hesitation Near 2011 High

NZD/USD Dojis Signal Turning Points As Short-Term Range Forms

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

Dojis appear to dominate intraday price action and have helped signal the turning points within the 0.8785 to 0.8830 range. Following the most recent Doji and given the proximity to resistance, there may a short-term pullback over the session ahead.

NZD/USD: Dojis Highlight Potential Turning Points

NZD/USD Dojis Signal Turning Points As Short-Term Range Forms

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

By David de Ferranti, Currency Analyst, DailyFX

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