We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.69%, while traders in US 500 are at opposite extremes with 75.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uuUtwe3YrJ
  • Technical Trade Levels: #Dollar, $EURUSD, $USDCAD, $AUDUSD, #Gold, #SPX and more! (Webinar Archive) - https://t.co/3UevjO8Lil
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 2.04% Gold: 0.55% Oil - US Crude: -1.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/5jVWooiTee
  • GBP/USD IG Client Sentiment: Our data shows traders are now net-short GBP/USD for the first time since May 06, 2020 when GBP/USD traded near 1.23. A contrarian view of crowd sentiment points to GBP/USD strength. https://www.dailyfx.com/sentiment https://t.co/wyWpKN83H2
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.79% 🇨🇦CAD: 1.33% 🇳🇿NZD: 1.31% 🇪🇺EUR: 0.20% 🇯🇵JPY: 0.19% 🇨🇭CHF: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q2qAPkPXZi
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.29% Wall Street: 0.27% Germany 30: 0.08% FTSE 100: -0.00% France 40: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vHF9F2qb4Z
  • Happy Monday traders! What does the new month bring? Are we looking at positive sentiment but not much momentum❔ What are the market highlights heading into New York open? Find out from @DailyFX Chief Strategist, @JohnKicklighter 👇 https://t.co/xaHZXjZdZr
  • US Treasury Secretary Steven Mnuchin to hold call with G-7 finance ministers on Wednesday per his public schedule $DXY
  • Overlay that with google search terms for “protest” and “riots” and you see a similar uptick. Last time we saw a surge in these search terms was back in August 2019 and we saw a lot of volatility ensue shortly after. https://t.co/ZXAkgRWfAB
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 1.48% 🇳🇿NZD: 1.14% 🇨🇦CAD: 0.98% 🇯🇵JPY: 0.20% 🇪🇺EUR: 0.19% 🇨🇭CHF: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q8shAF6mG4
NZD/USD Knocks On Critical Floor As Bullish Signal Falls Flat

NZD/USD Knocks On Critical Floor As Bullish Signal Falls Flat

2014-11-06 04:17:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Bullish Engulfing Pattern Falls Flat
  • Reversal Signals Absent In Intraday Trade

NZD/USD is at a crossroads after pulling back to the 0.7700/30 barrier, leaving a Bullish Engulfing formation lacking confirmation. A close below the nearby floor would open a fresh short opportunity with a target offered by the 2012 low near 0.7450.

NZD/USD: Bullish Pattern Fails To Find Confirmation

NZD/USD Knocks On Critical Floor As Bullish Signal Falls Flat

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

An absence of bullish reversal signals on the four hour chart leaves an intraday recovery as questionable. Given the context on the daily a break below the 0.7700 barrier would be preferred for adopting fresh short positions.

NZD/USD: Absence Of Reversal Signals Casts Doubt On A Recovery

NZD/USD Knocks On Critical Floor As Bullish Signal Falls Flat

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @DaviddeFe

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.