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NZD/USD Correction Looms As Dark Cloud Cover Awaits Confirmation

NZD/USD Correction Looms As Dark Cloud Cover Awaits Confirmation

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Dark Cloud Cover on the daily warning of declines
  • Morning Star formation offers conflicting signal

A Dark Cloud Cover formation has emerged for the Kiwi following a failure to crack the 0.8750 mark yesterday. The pattern awaits confirmation from a second down-day, which would open up a move towards the psychological 0.8600 handle.

NZD/USD: Dark Cloud Cover Awaits Confirmation

NZDUSD-Correction-Looms-As-Dark-Cloud-Cover-Awaits-Confirmation_body_Picture_2.png, NZD/USD Correction Looms As Dark Cloud Cover Awaits Confirmation

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; the Dark Cloud Cover formation noted in yesterday’s candlesticks report resulted in an intraday dip for the Kiwi. However, with a Morning Star pattern having now emerged there appears to be signs of fading downside momentum. A bounce would likely be met by sellers sitting at the 0.8700 handle.

NZD/USD: Morning Star Suggests Potential Bounce to 0.8700

NZDUSD-Correction-Looms-As-Dark-Cloud-Cover-Awaits-Confirmation_body_Picture_1.png, NZD/USD Correction Looms As Dark Cloud Cover Awaits Confirmation

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

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