Kiwi Rise Reaches Resistance at .8250

The rally in the NZD/USD stalled out during today’s early North American trade, leading to the formation of a Bearish Pin Candle on the 4hr chart. This candlestick pattern shows a shift from buying to selling pressure and is often seen at near-term tops in the market. Strengthening the bearish bias, the AUD/USD and EUR/USD are also testing critical resistance levels, increasing the likelihood of a coordinated pullback in risk currencies against the U.S. Dollar over the next 48 hours.

Commentary from Brad Gareiss and Matt Weller, Technical Analysts, GFT