NZD/USD Struggles Near Recent Lows With Bullish Candlesticks Lacking
- 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.
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
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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