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NZD/USD Void Of Bullish Candles Warns Of Further Weakness

NZD/USD Void Of Bullish Candles Warns Of Further Weakness

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 continues to suffer as an absence of reversal signals depresses hopes of a recovery. Alongside a core downtrend this may set the Kiwi up for its next leg lower to the August 2013 low at 0.7730.

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

NZD/USD Void Of Bullish Candles Warns Of Further Weakness

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

The four hour timeframe is similarly devoid of bullish candlestick patterns after a Morning Star formation failed to receive confirmation. 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 Void Of Bullish Candles Warns Of Further Weakness

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

By David de Ferranti, Currency Analyst, DailyFX

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