NZD/USD Plunges Below 0.8000 With Bullish Reversal Signals Missing
- 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
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
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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