NZD/USD Eyeing 0.8060 As Descent Leaves Void Of Reversal Candlesticks
- NZD/USD Technical Strategy: Shorts Preferred
- Recovery Questionable With Reversal Patterns Lacking
- Daily Close Below 0.8260 Opens Descent Towards 0.8060
NZD/USD maintains its downward trajectory as a lack of bullish candlesticks leaves the spotlight on the 0.8060 floor. A break lower of the barrier would potentially open some significant room to the downside before buying interest is renewed at the September 2013 lows (0.7730).
NZD/USD: Carves Fresh Lows As Descent Towards 0.8060 Continues
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
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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