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NZD/USD Carves Fresh Lows Amid Absence Of Bullish Patterns

NZD/USD Carves Fresh Lows Amid Absence Of Bullish Patterns

2014-09-12 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Shorts Preferred
  • Recovery Questionable With Reversal Patterns Lacking
  • Daily Close Below 0.8260 Opens Desecnt Towards 0.8060

NZD/USD has continued its grind towards the February lows at 0.8060 alongside an absence of key reversal patterns. A Doji appears to be taking shape on the daily, yet the sign of indecision may prove insufficient to catalyze a recovery for the pair.

NZD/USD: Carves Fresh Lows As Descent Towards 0.8060 Continues

NZD/USD Carves Fresh Lows Amid Absence Of Bullish Patterns

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

The four hour chart tells a similar narrative to the daily with a void of key reversal patterns suggesting the risks remain skewed to the downside. Given the context afforded by longer timeframes, this leaves shorts preferred.

NZD/USD: Absence of Key Reversal Patterns Casts Doubt On A Recovery

NZD/USD Carves Fresh Lows Amid Absence Of Bullish Patterns

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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