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NZD/USD Doji Ensemble Indicates Caution Near Critical Support

NZD/USD Doji Ensemble Indicates Caution Near Critical Support

2014-09-08 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Remains At A Critical Juncture Near 0.8260
  • Awaiting Downside Break to Open 0.8060

NZD/USD continues to skip across the critical 0.8260 barrier with a medley of short body candles suggesting caution from traders. A daily close below the nearby floor would be preferred for entering new short positions, given the context of a downtrend on the daily.

NZD/USD: At A Crossroads Near Critical Barrier

NZD/USD Doji Ensemble Indicates Caution Near Critical Support

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

The Harami noted in the most recent candlesticks report delivered a short-lived bounce for NZD/USD. The emergence of a Gravestone Doji now hints at a pullback for the pair over the session ahead. Buying interest is likely be renewed near the 0.8267 lows.

NZD/USD: Gravestone Doji Offers Warning Of Intraday Weakness

NZD/USD Doji Ensemble Indicates Caution Near Critical Support

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

By David de Ferranti, Currency Analyst, DailyFX

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