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NZD/USD Sets Sights On 0.8400 As Traders Look Past Bullish Pattern

NZD/USD Sets Sights On 0.8400 As Traders Look Past Bullish Pattern

2014-08-06 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Hammer Fails To Sustain Upside Momentum
  • Break Below 0.8460 Opens 84 US Cent Handle

NZD/USD has suffered a steep decline with a Hammer formation near 0.8460 failing to sustain bullish momentum for the pair. Several short body sessions offered a warning that the pair was struggling to gain ground. With reversal signals now lacking the 0.8400 handle is on the cards.

NZD/USD: May Extend Declines With Bullish Reversal Patterns Lacking

NZD/USD Sets Sights On 0.8400 As Traders Look Past Bullish Pattern

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

The four hour chart paints a contrasting picture to the daily with a Harami pattern offering a glimmer of hope to the Kiwi bulls. The reversal pattern may see an intraday recovery. However, this may be capped by the nearby 0.8480 barrier.

NZD/USD: Harami Offers Hope To The Kiwi Bulls

NZD/USD Sets Sights On 0.8400 As Traders Look Past Bullish Pattern

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

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