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NZD/USD Loses Steam As Reversal Pattern Forms On The Daily

NZD/USD Loses Steam As Reversal Pattern Forms On The Daily

2014-05-07 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Bearish Engulfing forming on the daily
  • Evening star warns of declines in intraday trade

The Kiwi may be set to give back some more of its recent gains as a Bearish Engulfing pattern appears to be forming on the daily. However, critically the key reversal signal requires the current candle to close and ideally a second down-day to offer confirmation. A pullback would likely be met by buying support at the psychologically-significant 0.8600 handle.

NZD/USD: Bearish Engulfing Pattern Forms On The Daily

NZD/USD Loses Steam As Reversal Pattern Forms On The Daily

Daily Chart - Created Using FXCM Marketscope 2.0

Examining the four hour chart; an Evening Star pattern is further evidence that the most recent bull-run for the Kiwi may have been exhausted.

NZD/USD: Bears Return Following Evening Star Pattern

NZD/USD Loses Steam As Reversal Pattern Forms On The Daily

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, DailyFX

Follow David on Twitter: @Davidde

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