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NZD/USD Recovery Resumes Amid Void Of Bearish Candlesticks

NZD/USD Recovery Resumes Amid Void Of Bearish Candlesticks

2014-10-09 07:27:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Recovery Continues With Bearish Candlesticks Absent
  • Clearance of “Congestion Zone” Opens 0.8040

NZD/USD has witnessed some surprising strength in recent trade after an initially lackluster response to a Piercing Line pattern. With bearish reversal signals seemingly absent there may be some potential for a cautious advance to continue. Selling interest is likely to be renewed near former support-turned-resistance at 0.8060.

NZD/USD: Cautious Recovery Continues With Bearish Signals Lacking

NZD/USD Recovery Resumes Amid Void Of Bearish Candlesticks

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

The Kiwi has cleared its congestion zone between 0.7740 and 0.7907. Alongside a lack of key reversal patterns a correction is questionable.

NZD/USD: Clears “Congestion Zone” With Reversal Signals Absent

NZD/USD Recovery Resumes Amid Void Of Bearish Candlesticks

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

By David de Ferranti, Currency Analyst, DailyFX

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