NZD/USD Technical Analysis: risks pullback on repeated fakeout
|The NZD/USD pair could be in for a pullback below 0.68, having failed to capitalize on the triangle breakout last Friday.
Daily chart
As seen above, the pair closed at 0.6839 on Friday, confirming an upside break of the triangle pattern. So far, however, the follow-through has been anything but bullish.
The pair carved out a "gravestone doji" on Monday, which occurs when the day begins on a positive note and ends with sellers pushing prices back to the day's open. So, that candlestick pattern is widely considered as bearish development. Further, it created a candle with a long upper shadow yesterday.
The failure to build on Friday's breakout could embolden the bears to push the spot back to levels below 0.68.
Only a close above 0.6872 (the high of gravestone doji) would revive the bullish view put forward by Friday's triangle breakout.
Trend: Bearish
NZD/USD
Overview:
Today Last Price: 0.6825
Today Daily change: -5 pips
Today Daily change %: -0.07%
Today Daily Open: 0.683
Trends:
Daily SMA20: 0.6771
Daily SMA50: 0.6795
Daily SMA100: 0.6704
Daily SMA200: 0.6765
Levels:
Previous Daily High: 0.6863
Previous Daily Low: 0.6816
Previous Weekly High: 0.6852
Previous Weekly Low: 0.6706
Previous Monthly High: 0.697
Previous Monthly Low: 0.6686
Daily Fibonacci 38.2%: 0.6834
Daily Fibonacci 61.8%: 0.6845
Daily Pivot Point S1: 0.681
Daily Pivot Point S2: 0.6789
Daily Pivot Point S3: 0.6762
Daily Pivot Point R1: 0.6857
Daily Pivot Point R2: 0.6884
Daily Pivot Point R3: 0.6905
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.