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NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Piercing Line Pattern Awaiting Confirmation
  • Close Below 0.8400 To Open The 0.8260 Floor

NZD/USD’s recovery has yielded a Piercing Line candlestick pattern on the daily which awaits confirmation from a successive up day. While the bullish reversal signal suggests the potential for a corrective bounce, a sustained recovery may prove difficult with the short-term downtrend intact. A push below the nearby 0.8400 barrier would set the scene for a descent towards the mid-February lows near 0.8260.

NZD/USD: Piercing Line May Struggle To Find Follow-Through

NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

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

The four hour timeframe reveals some hesitation from traders denoted by a Doji candlestick. The emergence of a bearish reversal signal near the 0.8480 ceiling would warn of a potential correction to intraday support at 0.8420.

NZD/USD: Doji Highlights Hesitation By The Bulls Near Intraday Resistance

NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

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