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NZD/USD Reversal Underway Post Shooting Star

NZD/USD Reversal Underway Post Shooting Star

2014-02-13 14:30:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Shooting Star favors shorts
  • Possible targets offered at psychologically-significant levels
  • SSI shifts from bullish to mixed bias based on sentiment change

As noted in the most recent Kiwi candlesticks report; the formation of a Shooting Star candlestick on the daily was warning of a potential decline for the currency. With the ensuing fall for the NZD/USD and a successive down day for the pair there is an indication that a more meaningful reversal may be underway.

Potential targets to the downside are offered by psychologically significant levels with the close-by 0.8300 handle having provided support during intraday trade.

It is also noteworthy that the DailyFX Speculative Sentiment Index has actually shifted from a bullish to a mixed bias as shorts positioning amongst retail traders has declined.

Confirm your chart-based trade setups with the Technical Analyzer.

NZDUSD_Reversal_Underway_Post_Shooting_Star_body_Picture_1.png, NZD/USD Reversal Underway Post Shooting Star

Daily 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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