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NZD/USD Slides Towards Support Following Shooting Star Candlestick

NZD/USD Slides Towards Support Following Shooting Star Candlestick

2014-09-04 05:50:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Shooting Star Candlestick Pattern Delivers Declines
  • Awaiting Clearance Of 0.8260 To Open 0.8060

NZD/USD is left at a critical juncture near the 0.8260 floor with a Shooting Star candlestick in its wake. A daily close under the critical floor would be required to open the next leg lower towards the pair’s 2014 lows near 0.8060. At this stage an absence of key reversal patterns casts doubt on the potential for a corrective bounce.

NZD/USD: Assault On 0.8400 Following Shooting Star Formation

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

An Evening Star pattern offered an early warning of a pullback in intraday trade for the Kiwi. The pair is now hinting at a bounce over the session ahead as a Bullish Engulfing pattern emerges near the session lows. If confirmed by a successive up period it could pave the way for a retest of former support-turned-resistance near 0.8343. Given the context afforded by the daily, selling into rallies is preferred.

NZD/USD: Eyes On H4 For Intraday Turning Point Signals

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

By David de Ferranti, Currency Analyst, DailyFX

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