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NZD/USD Bears Look To Return As Dark Cloud Cover Forms

NZD/USD Bears Look To Return As Dark Cloud Cover Forms

2014-05-15 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Gravestone Doji suggests hesitation from bears near key support
  • 4 hour chart suggests bears may be looking to return

The Kiwi bears have taken a breather near the psychologically-significant 0.8600 handle, with a GravestoneDoji suggesting signs of hesitation from traders to push the currency lower. However, it may be too soon to call for a bounce, given a bullish signal remains lacking on both the daily and four hour charts.

NZD/USD: Finds Support At 0.8600

NZD/USD Bears Look To Return As Dark Cloud Cover Forms

Daily Chart - Created Using FXCM Marketscope 2.0

A Morning Star formation near 0.8600 helped signal the bears were losing their grip on prices. However, they may be looking to stage a return as a Dark Cloud Cover pattern near 0.8700 forms. The close of the candle and confirmation from a successive down-period would be required before suggesting a correction back to 0.8600.

NZD/USD: Bears Lose Steam Near Key Support

NZD/USD Bears Look To Return As Dark Cloud Cover Forms

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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