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Forex Strategy: NZD/USD Dark Cloud Cover Suggests Correction

Forex Strategy: NZD/USD Dark Cloud Cover Suggests Correction

2014-02-28 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Pending short
  • Dark Cloud cover candle pattern warning of declines
  • Trend shift needed before offering bearish bias

The NZD/USD broke above critical long-term range resistance at 0.8400 before reversing in intraday trade. A Dark Cloud Cover candlestick pattern on the hourly chart is suggesting a correction may play out from here. However, caution should be exercised in trying to trade a reversal. This comes as the pair seemingly shrugged off an earlier warning signal of a decline post a Hanging Man formation near 0.8360.

Buyers appear to be emerging at support-turned-resistance at 0.8385. A break below would open up the 38.2% Fib Retracement level near 0.8360. It should also be noted that while longer timeframes like the daily suggest a range-bound environment for the Kiwi, the hourly is indicating an intact uptrend which would need to change before offering a bearish bias.

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

Forex_Strategy_NZDUSD_Dark_Cloud_Cover_Suggests_Correction_body_Picture_1.png, Forex Strategy: NZD/USD Dark Cloud Cover Suggests Correction

Hourly 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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