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NZD/USD Eyeing 0.8060 As Descent Leaves Void Of Reversal Candlesticks

NZD/USD Eyeing 0.8060 As Descent Leaves Void Of Reversal Candlesticks

David de Ferranti, Currency Analyst

Talking Points

  • 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

NZD/USD Eyeing 0.8060 As Descent Leaves Void Of Reversal Candlesticks

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 Eyeing 0.8060 As Descent Leaves 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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