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NZD/USD Awaits Close To Confirm Break With Reversal Signals Absent

NZD/USD Awaits Close To Confirm Break With Reversal Signals Absent

2014-08-20 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

NZD/USD: Awaiting Daily Close To Signal Breakout

NZD/USD Awaits Close To Confirm Break With Reversal Signals Absent

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

NZD/USD Awaits Close To Confirm Break With Reversal Signals Absent

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

By David de Ferranti, Currency Analyst, DailyFX

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