NZD/USD Awaits Close To Confirm Break With Reversal Signals Absent
- NZD/USD Technical Strategy: Pending Short
- Awaiting Daily Close To Confirm Breakout
- Recovery Doubtful In Absence of Reversal Signals
NZD/USDfaces a pivotal moment as the pair teases at a break of the 84 US cent barrier with key reversal candlesticks lacking. A daily close below the psychologically-significant barrier would open the door to a run on the Mid February lows near 0.8260.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Harami pattern on the four hour chart proved insufficient to yield a sustained recovery for the Kiwi. This casts some doubt on the potential for another bullish reversal signal to indicate a turn for the currency.
NZD/USD: Harami Fails To Reinvigorate The Bulls
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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