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NZD/USD Keeps Traders In Suspense Amid Void Of Reversal Candlesticks

NZD/USD Keeps Traders In Suspense Amid Void Of Reversal Candlesticks

2014-09-05 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Remains At A Critical Juncture Near 0.8260
  • Awaiting Downside Break to Open 0.8060

NZD/USD remains at a critical juncture near the late February lows at 0.8260 with a lack of bullish candlesticks in sight. Against the backdrop of a sustained downtrend on the daily, this leaves short positions preferred on a downside break of the nearby barrier.

NZD/USD: At A Crossroads Near Critical Barrier

NZD/USD Keeps Traders In Suspense Amid Void Of Reversal Candlesticks

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

A Harami offers a small source of hope for the Kiwi bulls in intraday trade. The key reversal pattern hints at the possibility of a recovery over the session ahead. However, selling into corrective rallies is preferred given the context afforded by the daily. A retest of the 0.8343 mark may see pressure renewed on the pair.

NZD/USD: Harami Offers Hope To The Bulls

NZD/USD Keeps Traders In Suspense Amid Void Of Reversal Candlesticks

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

By David de Ferranti, Currency Analyst, DailyFX

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