DailyFX.com -

Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Doji highlights hesitation from traders near 2011 high
  • Range may offer short-term trading opportunities

NZD/USD remains at a critical juncture as the pair trades shy of the 0.8840 mark. A Doji on the daily indicates hesitation from traders to push the pair higher, however, we’re yet to see a key reversal pattern emerge. Utilizing the four hour chart may yield some short-term range trading opportunities while the consolidation continues.

NZD/USD: Doji Highlights Hesitation Near 2011 High

NZD/USD Dojis Signal Turning Points As Short-Term Range Forms

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

Dojis appear to dominate intraday price action and have helped signal the turning points within the 0.8785 to 0.8830 range. Following the most recent Doji and given the proximity to resistance, there may a short-term pullback over the session ahead.

NZD/USD: Dojis Highlight Potential Turning Points

NZD/USD Dojis Signal Turning Points As Short-Term Range Forms

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

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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Dollar Rising on Back of GDP and FOMC but Not Enough for Breakout

  2. Forex News

    Video: A Clean NZDUSD Technical View Awaits Fundamental Confirmation

  3. Forex News

    NZD/USD Downtrend Resistance Break Fails

  4. Forex News

    Dollar Forecast Improves, Indicator Shows it May Rally Across the Board

  5. Forex News

    New Zealand Dollar Reversal is Short-Lived, Declines Likely

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!