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NZD/USD Shooting Star Signals Potential Turning Point

NZD/USD Shooting Star Signals Potential Turning Point

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Shooting Star awaiting confirmation
  • Intraday dip may be limited by nearby support

NZD/USD’s pullback from the critical 0.8740 mark has seen the emergence of a Shooting Star candlestick, which may be warning of a further correction. However, a daily close below the psychologically-significant 0.8700 handle is likely needed to signal enough conviction amongst traders to push the pair lower.

NZD/USD: Bearish Pattern Emerges Near 2014 High

NZD/USD Shooting Star Signals Potential Turning Point

Daily Chart - Created Using FXCM Marketscope 2.0

The four hour chart reveals some hesitation amongst traders, denoted by several Doji candlesticks. However, the signals may not be enough to provide a correction over the session ahead given support at 0.8690/0.8700 rests nearby.

NZD/USD: Intraday Dip May Be Limited By Nearby Support

NZD/USD Shooting Star Signals Potential Turning Point

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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