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NZD/USD Doji Candlestick Signals Bulls Losing Confidence

NZD/USD Doji Candlestick Signals Bulls Losing Confidence

2014-11-14 06:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • Strategy: Flat
  • Doji Suggests Bulls May Have Lost Some Steam
  • H4 Timeframe Reveals Reluctance From The Bulls

NZD/USD has seemingly lost some upward momentum as signaled by a Doji candlestick. As noted in recent reports a clean ascent was to prove challenging given the context of a medium-term downtrend. A more definitive reversal pattern would suggest the bears have regained their grip on prices. This would turn the risks lower for a retest of the lows at 0.7650.

NZD/USD: Doji Denotes Reluctance From The Bulls

NZD/USD Doji Candlestick Signals Bulls Losing Confidence

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

An Evening Star pattern on the four hour chart offered an intraday warning that the Kiwi was turning. A breach of nearby buying support at the 0.7830 floor would potentially set the wheels in motion for a descent on 0.7660.

NZD/USD: Evening Star Pattern Offered An Intraday Warning

NZD/USD Doji Candlestick Signals Bulls Losing Confidence

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

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