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NZD/USD Awaiting Break Of 0.8400 With Reversal Signals Lacking

NZD/USD Awaiting Break Of 0.8400 With Reversal Signals Lacking

2014-08-12 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Shorts Preferred
  • Absence of Reversal Signals Suggests Recovery Unlikely
  • Daily Close Below 0.8400 To Open The 0.8260 Floor

The New Zealand Dollar has finally cracked the 0.8460 barrier with a void of bullish reversal signals suggesting a recovery may be unlikely. A push past the nearby 0.8400 floor would set the scene for a descent towards the mid-February lows near 0.8260. However, subdued trading volume thus far to accompany the move warrants some skepticism and could be suggestive of a consolidation for the Kiwi.

NZD/USD: Awaiting Break Of 0.8400 With Reversal Signals Lacking

NZD/USD Awaiting Break Of 0.8400 With Reversal Signals Lacking

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

The four hour chart paints a similar picture to the daily. An absence of bullish candlestick formations leaves little in the way to suggest a recovery over the session ahead.

NZD/USD: Intraday Recovery Questionable With Absence of Bullish Candlesticks

NZD/USD Awaiting Break Of 0.8400 With Reversal Signals Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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