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NZD/USD Recovery Falters As Hanging Man Forms

NZD/USD Recovery Falters As Hanging Man Forms

2014-04-30 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Shorts Preferred
  • Dark Cloud Cover dominates price action
  • Dojis suggest some hesitation by traders near 0.8600

While the Kiwi has staged a small recovery in recent trade, the pair continues to struggle below critical resistance at 0.8600. Given the Dark Cloud Cover pattern on the daily, until a bullish reversal signal emerges the downside is preferred.

NZD/USD: Sub 0.8600 Suggests Bearish Bias

NZD/USD Recovery Falters As Hanging Man Forms

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; a Hanging Man candlestick has received confirmation suggesting the potential for continued declines on a break below nearby support at 0.8550.

NZD/USD: Recovery Falters As Hanging Man Forms

NZD/USD Recovery Falters As Hanging Man Forms

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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