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NZD/USD Awaiting Break Of 0.8650 In Absence Of Reversal Candlesticks

NZD/USD Awaiting Break Of 0.8650 In Absence Of Reversal Candlesticks

2014-07-22 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Haramifails to find confirmation leaving bullish signals lacking
  • Break of 0.8650/70 required to set the stage for a drop to 0.8500

NZD/USD continues to tease traders at critical support near 0.8650/70 with an absence of bullish candlesticks casting doubt on a bounce. While the Harami pattern looked promising as a potential reversal signal, it failed to find confirmation from a successive up-day. Given the close proximity to buying support, a break lower would be preferred before suggesting short positions.

NZD/USD: Awaiting Break Below Key Support

NZD/USD Awaiting Break Of 0.8650 In Absence Of Reversal Candlesticks

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

A Bearish Engulfingpattern on the four timeframe chart warned of intraday weakness for the Kiwi following a failure to breach the 0.8720 mark. Similarly, to the daily chart reversal signals are lacking at this point, which makes a recovery over the session ahead questionable.

NZD/USD: Bearish Engulfing Pattern Offered Early Warning

NZD/USD Awaiting Break Of 0.8650 In Absence Of Reversal Candlesticks

Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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