News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex Strategy - NZD/USD Shooting Star Forms - Third Time's The Charm?

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

David de Ferranti, Currency Analyst

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

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

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

DISCLOSURES