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.

You May Also Like

Related Forex Analysis
  1. Forex News

    Pound May Rise as 2Q UK GDP Data Boosts BOE Rate Hike Bets

  2. Forex News

    NZD/USD Technical Analysis: Channel Top Under Pressure

  3. Forex News

    Webinar: Key USD Scalp Levels For Month End- GBP Crosses in Focus

  4. Forex News

    A Strong First Decade for the Chinese Renminbi Since De-Pegging

  5. Investing

    NZD/USD Slides Lower on Friday

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!