Forex Strategy: NZD/USD Struggles Following Hanging Man Candle
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- 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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4 Hour Chart - Created Using FXCM Marketscope 2.0
--- Written by David de Ferranti, Market Analyst, FXCM
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