We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • Philippine keeps CPI assumption through 2020 at 2%-4%, latest estimates on 2020-2022 GDP growth at 6.5% to 7.5% -BBG $USDPHP #PHP #BSP
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: -0.04% Silver: -0.18% Oil - US Crude: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/LgsPNfcKsp
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.05% 🇪🇺EUR: 0.01% 🇨🇭CHF: -0.01% 🇨🇦CAD: -0.05% 🇬🇧GBP: -0.15% 🇳🇿NZD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OY4a8ADSNd
  • Missed this week's session on IG Client Sentiment? Check out the recording on YouTube below! - https://t.co/89A37fRLyg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.16%, while traders in US 500 are at opposite extremes with 77.31%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MkBuM9u61U
  • On the first day of holiday movies, John McClane had to say, "welcome to the party and yippee-ki-yay"
  • #NZDJPY Technical Outlook: Bearish Correction Ahead? https://www.dailyfx.com/forex/market_alert/2019/12/11/NZDJPY-Technical-Outlook-Bearish-Correction-Ahead.html
  • Japan's Chief Cabinet Secretary Suga: Paying close attention to the economy after the sales tax hike -BBG
  • $USDCNH https://t.co/huK7xAti8U
  • RT @zerohedge: Yuan Tumbles After Navarro Warns "No Indication That Tariffs Will Be Delayed" https://t.co/mQlQTiQjgM
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
Share:

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

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.