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NZD/USD Retreat To Continue Following Bearish Candlestick Signals

NZD/USD Retreat To Continue Following Bearish Candlestick Signals

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Harami pattern near 0.8700 suggests the potential for a pullback
  • Dark Cloud Cover signals potential dip in the session ahead

The Kiwi’s recent run has stalled at the 0.8700 handle with a slight pullback offering the formation of a Harami pattern. The signal awaits confirmation from a second down-day which would suggest a correction back to the psychologically-significant 0.8600 level.

NZD/USD: Harami Pattern Awaits Confirmation Near Resistance

NZD/USD Retreat To Continue Following Bearish Candlestick Signals

Daily Chart - Created Using FXCM Marketscope 2.0

Similarly, the four hour chart warns of a continued retreat for the New Zealand Dollar, based on the presence of a Dark Cloud Cover pattern. While the next definitive support rests at 0.8570, some interim buying support may emerge at the psychologically-significant 0.8600 handle.

NZD/USD: Retreat May Continue As Dark Cloud Cover Warns of Declines

NZD/USD Retreat To Continue Following Bearish Candlestick Signals

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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