NZD/USD Teases At Break of 0.8500 Following Doji Candlesticks

By DailyFx | June 10, 2014 AAA

DailyFX.com -

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Dojisuggests hesitation by traders near key resistance
  • Absence of bullish pattern on four chart casts doubt on gains

NZD/USD continues to keep traders in suspense as the pair teases at a break above the psychologically-significant 0.8500 handle. Several Dojis near the noteworthy resistance level reveals signs of hesitation from traders, which may be the precursor to a pullback to support at 0.8400.

NZD/USD: Doji Denotes Hesitation Amongst Traders

NZD/USD Teases At Break of 0.8500 Following Doji Candlesticks

Daily Chart - Created Using FXCM Marketscope 2.0

Similarly, the four hour chart suggests hesitation from traders with a Doji near support at 0.8480. However, with a bullish candlestick absent the pair may struggle to push higher.

NZD/USD: Absence of Bullish Signals Cast Doubt On Recovery

NZD/USD Teases At Break of 0.8500 Following Doji Candlesticks

Four Hour Chart - Created Using FXCM Marketscope 2.0

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.

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation
    Forex News

    USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

  2. USD/JPY is dancing around 107.00
    Forex News

    USD/JPY is dancing around 107.00

  3. USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision
    Forex News

    USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

  4. NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades
    Forex News

    NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades

  5. EUR/USD sidelined above 1.2700
    Forex News

    EUR/USD sidelined above 1.2700

Trading Center