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NZD/USD Plunges Below 0.8000 With Bullish Reversal Signals Missing

NZD/USD Plunges Below 0.8000 With Bullish Reversal Signals Missing

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Shorts Preferred
  • Daily Remains Devoid Of Bullish Reversal Signals
  • Sights Set On 0.7730 After Breach Of 0.8050

NZD/USD has been pummeled after clearing the 0.8050/60 barrier amid a void of bullish candlesticks. Alongside a core downtrend this may set the Kiwi up for its next leg lower to the September 2013 low at 0.7730.

NZD/USD: Descent Leaves An Absence Of Bullish Candles In Its Wake

NZD/USD Plunges Below 0.8000 With Bullish Reversal Signals Missing

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

The four hour timeframe is similarly devoid of reversal candlestick patterns. This casts some doubt over the potential for a corrective bounce over the session ahead.

NZD/USD: Absence of Bullish Signals Casts Doubt On Bounce

NZD/USD Plunges Below 0.8000 With Bullish Reversal Signals Missing

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

By David de Ferranti, Currency Analyst, DailyFX

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