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NZD/USD Teases At A Breakout Amid An Absence Of Reversal Candlesticks

NZD/USD Teases At A Breakout Amid An Absence Of Reversal Candlesticks

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

  • NZD/USD Technical Strategy: Pending Short
  • Recovery Questionable With Reversal Patterns Lacking
  • Awaiting Daily Close Below 0.8260 To Open 0.8060

NZD/USD is teasing at a push past the 0.8260 floor as an ensemble of short-body candles indicates indecision amongst 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 Teases At A Breakout Amid An Absence Of Reversal Candlesticks

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

The four hour chart reveals tensions are high amongst traders as a pair of Dojis denotes deliberation. Yet an absence of key reversal patterns suggests the risks remain skewed to the downside.

NZD/USD: Dojis Highlight Hesitation In Intraday Trade

NZD/USD Teases At A Breakout Amid An Absence Of Reversal Candlesticks

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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