NZD/USD Technical Analysis: risks pullback on repeated fakeout

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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