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
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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