NZD/USD Cracks Key Support Amid Void Of Bullish Candles
- NZD/USD Technical Strategy: Shorts Preferred
- Recovery Questionable With Reversal Patterns Lacking
- Daily Close Below 0.8260 Opens Grind Towards 0.8060
NZD/USD has slid below the 0.8260 floor with an absence of key reversal patterns leaving the immediate risks skewed to the downside for the pair. Against the backdrop of a core downtrend on the daily this opens the prospect of a grind towards the February lows near 0.8060.
NZD/USD: Left Lacking Bullish Signals On Slide Below Support
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Harami pattern in intraday trade failed to find follow-through with sellers sitting on the 0.8260 mark. This has left a void of bullish signals and casts doubt over the potential for an intraday recovery for the pair.
NZD/USD: Harami Fails To Stir The Kiwi Bulls
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
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.