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
NZD/USD Hanging Man Warns of Correction After Probing Above 0.8700

NZD/USD Hanging Man Warns of Correction After Probing Above 0.8700

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Rally stalls following test of critical 0.8700 handle
  • Hanging Man in intraday trade warns of a correction

The Kiwi bulls pushed prices to a new 2014 high in Asian trading today. However, the bears look to be re-emerging with a Shooting Star potentially forming on the daily. It should be noted of course that the candle has yet to close and receive validation from another period – but it is certainly on the radar.

NZD/USD: Sets New 2014 High

NZDUSD-Hanging-Man-Warns-of-Correction-After-Probing-Above-0.8700_body_Picture_2.png, NZD/USD Hanging Man Warns of Correction After Probing Above 0.8700

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to examine intraday price action; a Hanging Man formation near the critical 0.8700 handle offers an ominous warning. Confirmation from the close of a successive down period for the bearish reversal signal could open a correction back towards 0.8600.

NZD/USD: Bears Emerge Following Test of 0.8700

NZDUSD-Hanging-Man-Warns-of-Correction-After-Probing-Above-0.8700_body_Picture_1.png, NZD/USD Hanging Man Warns of Correction After Probing Above 0.8700

Four Hour 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