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NZD/USD Keeping Traders In Suspense As Dragonfly Doji Emerges

NZD/USD Keeping Traders In Suspense As Dragonfly Doji Emerges

2014-08-26 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Dragonfly Doji Emerging, Yet Awaits Confirmation
  • Spotlight Remains On The Late Feb Lows At 0.8260

NZD/USDis struggling to reclaim lost ground with an absence of bullish candlesticks casting doubt on a recovery. A Dragonfly Doji is emerging on the daily, which may offer a sign of hope to the bulls. Yet the key reversal pattern awaits confirmation from the close of the current candle and a successive up-period before being confirmed. This leaves the spotlight on the pair’s late February lows near 0.8260.

NZD/USD: Struggles To Reclaim Lost Ground With Downtrend Intact

NZD/USD Keeping Traders In Suspense As Dragonfly Doji Emerges

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

A similar narrative to the daily is present in intraday trade on the four hour chart. Buying interest at 0.8312 has halted the pair’s descent for now as a Bullish Engulfing pattern emerges. A leap over the nearby 0.8343 hurdle would be required to signal the potential for an intraday bounce to 0.8420.

NZD/USD: Bullish Pattern Emerging In Intraday Trade

NZD/USD Keeping Traders In Suspense As Dragonfly Doji Emerges

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

By David de Ferranti, Currency Analyst, DailyFX

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