DailyFX.com -

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Dragonfly Doji Emerging, Yet Awaits Confirmation
  • Spotlight Remains On The Late Feb Lows At 0.8260

NZD/USDis struggling to reclaim lost ground with an absence of bullish candlesticks casting doubt on a recovery. A Dragonfly Doji is emerging on the daily, which may offer a sign of hope to the bulls. Yet the key reversal pattern awaits confirmation from the close of the current candle and a successive up-period before being confirmed. This leaves the spotlight on the pair’s late February lows near 0.8260.

NZD/USD: Struggles To Reclaim Lost Ground With Downtrend Intact

NZD/USD Keeping Traders In Suspense As Dragonfly Doji Emerges

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

A similar narrative to the daily is present in intraday trade on the four hour chart. Buying interest at 0.8312 has halted the pair’s descent for now as a Bullish Engulfing pattern emerges. A leap over the nearby 0.8343 hurdle would be required to signal the potential for an intraday bounce to 0.8420.

NZD/USD: Bullish Pattern Emerging In Intraday Trade

NZD/USD Keeping Traders In Suspense As Dragonfly Doji Emerges

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

    NZD/USD Technical Analysis: Selloff Stalls at Channel Floor

  2. Forex News

    Dollar Regains Control as Retail FX Traders Switch Direction

  3. Forex News

    NZD/USD Approaches Wedge Objective (.6607)

  4. Forex News

    US Dollar May Rise on Jobs Data, NZ Dollar Drops on Dairy Slump

  5. Forex News

    NZD/USD Technical Analysis: Channel Floor Under Pressure

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!