- NZD/USD Technical Strategy: Pending Short
- Doji highlighted hesitation from traders near 2011 high
- Absence of bullish patterns casts doubt on potential recovery
The NZD/USD bears have come out of hibernation following a Doji formation near 0.8840 which signaled hesitation from traders to push the pair higher. With bullish reversal patterns lacking at this stage, a daily close below 0.8700 would set the stage for a push to 0.8500.
NZD/USD: Doji Highlighted Hesitation Near 2011 High
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Similarly a void of bullish signals on the four hour chart casts doubt over the potential for a recovery over the session ahead. Although the pair’s descent seems to have slowed near the psychologically-significant 0.8700 handle. This suggests new shorts may be best served on a pullback to former support-turned-resistance at 0.8720.
NZD/USD: Absence of Key Reversal Patterns Casts Doubt On A Recovery
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.
ForexAmid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.
Investing BasicsVirtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
- No results found.