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NZD/USD Recovery Hopes Fade As Traders Look Past Bullish Pattern

NZD/USD Recovery Hopes Fade As Traders Look Past Bullish Pattern

2014-08-25 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Piercing Line Fails To Find Follow-Through
  • Lack of Bullish Signals Casts Doubt On A Bounce

NZD/USD’s recovery proved short-lived as traders have looked past a Piercing Line formation on the daily. With confirmation of the bullish reversal signal lacking the pair may be exposed to further weakness. Clearance of the 0.8350 floor could pave the way for a descent on the late February lows near 0.8260.

NZD/USD: Recovery Proves Limited With Downtrend Intact

NZD/USD Recovery Hopes Fade As Traders Look Past Bullish Pattern

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

A similar narrative to the daily is present in intraday trade on the four hour chart. Buying interest at 0.8343 has halted the pair’s descent for now. However, an absence of key reversal candlestick formations casts doubt on the potential for a recovery over the remainder of the session.

NZD/USD: Recovery Questionable In Absence Of Key Reversal Patterns

NZD/USD Recovery Hopes Fade As Traders Look Past Bullish Pattern

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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