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NZD/USD Struggles Near Recent Lows With Bullish Candlesticks Lacking

NZD/USD Struggles Near Recent Lows With Bullish Candlesticks Lacking

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Piercing Line Pattern Fails To Find Follow-Through
  • Daily Close Below 0.8060 To Open Aug ’13 Lows

NZD/USDhas been reluctant to revisit its recent lows near 0.8060. Yet after a Piercing Line pattern failed to find confirmation a recovery for the Kiwi may also prove difficult. A daily close below the 0.8060 hurdle could open some significant room before buying interest is renewed at the August 2013 low near 0.7750. Whereas a climb above the 0.8260 hurdle would likely be required to mark a small base for the pair.

NZD/USD: Piercing Line Pattern Fails To Generate Follow-Through

NZD/USD Struggles Near Recent Lows With Bullish Candlesticks Lacking

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

The four hour timeframe has demonstrated choppy price action, which has left little in the way of clear candlestick signals. This leaves a more constructive setup desired before offering a technical bias for the pair.

NZD/USD: Awaiting Clearer Signals As Intraday Range Emerges

NZD/USD Struggles Near Recent Lows With Bullish Candlesticks Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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