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NZD/USD Cracks Key Support As Bullish Reversal Patterns Left Lacking

NZD/USD Cracks Key Support As Bullish Reversal Patterns Left Lacking

2014-08-21 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Shorts Preferred
  • Daily Close Confirms Break Below Key Support
  • H4 Signals Potential For An Intraday Recovery

NZD/USDhas cracked key support at the 84 US cent figure with key reversal signals lacking on the daily. This sets the scene for a run on the late February lows at 0.8260. A surge in volume also indicates the potential for further follow-through, as has been witnessed in previous cases.

NZD/USD: Daily Close Below 0.8400 Opens The Door On 0.8260

NZD/USD Cracks Key Support As Bullish Reversal Patterns Left Lacking

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

The four hour timeframe presents a divergent narrative to the daily. A Morning Star candlestick pattern is being etched out in intraday trade which may signal a turning point. Critically, the key reversal formation awaits the close of the current candle and a successive up-period to be confirmed. However, a recovery may prove limited given the backdrop painted by the daily.

NZD/USD: Morning Star Rising In Intraday Trade

NZD/USD Cracks Key Support As Bullish Reversal Patterns Left Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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