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Forex Strategy: NZD/USD Struggles Following Hanging Man Candle

By , Currency Analyst
26 February 2014 11:49 GMT

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Talking Points

  • NZD/USD Technical Strategy: Hanging Man prefers shorts
  • Noteworthy resistance at 0.8340 offers potential entry
  • Targets suggested at psychologically significant levels

A Hanging Man candlestick formation on the four hour chart for NZD/USD at resistance may be warning of fresh declines for the pair. Sellers appear to be capping gains for the Kiwi at the 0.8340 level which may offer a potential entry for shorts. As noted in the most recent Kiwi candlesticks report; a Shooting Star formation on the daily had hinted at a reversal with a target of the psychologically significant 0.8300 level.

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Forex_Strategy_NZDUSD_Struggles_Following_Hanging_Man_Candle_body_Picture_1.png, Forex Strategy: NZD/USD Struggles Following Hanging Man Candle

4 Hour Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM

Contact and follow David on Twitter: @Davidde

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26 February 2014 11:49 GMT