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NZD/USD Bearish Candlestick Pattern Opens 0.8500

NZD/USD Bearish Candlestick Pattern Opens 0.8500

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Shorts Preferred
  • Shooting Star finds confirmation setting stage for declines
  • Intraday recovery may be limited by nearby resistance

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 for the pair. The daily close below the psychologically-significant 0.8700 handle helps to signal enough conviction amongst the bears to open 0.8500.

NZD/USD: Bearish Pattern Emerges Near 2014 High

NZD/USD Bearish Candlestick Pattern Opens 0.8500

Daily Chart - Created Using FXCM Marketscope 2.0

The four hour chart reveals some hesitation amongst traders, denoted by a Doji candlestick near 0.8645. However, the pattern may not enough to signal a recovery over the session ahead, particularly given selling pressure likely remains at the 0.8690/0.87000 mark.

NZD/USD: Recovery In Doubt Given Lack Of Reversal Signals

NZD/USD Bearish Candlestick Pattern Opens 0.8500

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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