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NZD/USD Drops To Key Support Following Reversal Formation

NZD/USD Drops To Key Support Following Reversal Formation

2014-05-09 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Shorts Preferred
  • Bearish Engulfingpattern opens drop to 0.8600
  • 4 hour chart shows few signs of a potential bounce

The Kiwi may be set to continue its recent declines following the emergence of a Bearish Engulfing pattern on the daily. The pullback has been met by some buying support at the psychologically-significant 0.8600 handle. However, we’re yet to see a bullish signal suggest a bounce at this stage.

NZD/USD: Targeting 0.8600 After Key Reversal Signal

NZD/USD Drops To Key Support Following Reversal Formation

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 has been exhausted. While the pair has found some support in intraday trade near 0.8600 with a Long-Legged Doji having formed, the absence of a bullish reversal signal casts doubt over a potential bounce.

NZD/USD: Bears Return Following Evening Star Pattern

NZD/USD Drops To Key Support Following Reversal Formation

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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