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Forex Strategy - NZD/USD Shooting Star Forms - Third Time's The Charm?

Forex Strategy - NZD/USD Shooting Star Forms - Third Time's The Charm?

2014-03-14 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Shooting Star offers bearish reversal signal but awaits confirmation
  • Looking to 0.8500 as key support

The NZD/USD has erased most of yesterday’s gain following a failure to break above the October 2013 highs near 0.8545. This has resulted in a Shooting Star formation for the pair that may be hinting at a bearish reversal. However, caution is suggested here, given the Kiwi has shrugged off 2 prior reversal signals offered by Shooting Stars near key resistance levels. A daily close back below the 0.8500 handle may help validate the signal and could open up a larger correction to the former-range top at 0.8400.

NZD/USD: Shooting Star Awaits Confirmation

Forex_Strategy_-_NZDUSD_Shooting_Star_Forms_-_Third_Times_The_Charm_body_Picture_1.png, Forex Strategy - NZD/USD Shooting Star Forms - Third Time's The Charm?

Daily Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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