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NZD/USD Facing Make-Or-Break Moment Near 0.8400

NZD/USD Facing Make-Or-Break Moment Near 0.8400

2014-08-13 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’s descent has encountered some buying support near the critical 0.8400/20 floor. However, a void of bullish reversal signals suggests a recovery may be unlikely. A push past the nearby 0.8400 barrier would set the scene for a descent towards the mid-February lows near 0.8260.

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

NZD/USD Facing Make-Or-Break Moment Near 0.8400

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

Several short body periods on the four hour chart suggests indecision from traders near the 0.8400/20 support zone. However, at this stage candlestick reversal signals remain lacking which casts doubt over the potential for a corrective bounce.

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

NZD/USD Facing Make-Or-Break Moment Near 0.8400

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

By David de Ferranti, Currency Analyst, DailyFX

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