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NZD/USD Hanging Man Candlestick Warns Of A Deeper Pullback

NZD/USD Hanging Man Candlestick Warns Of A Deeper Pullback

2014-10-20 00:00:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Hanging Man Confirmation Warns Of Further Weakness
  • Short Body Candles Suggests Indecision In Intraday Trade

NZD/USD’s pullback has produced a Hanging Man formation which has received confirmation from an ensuing down-day. The key reversal signal may warn of a deeper correction for the pair with strong buying interest likely to be renewed at the lows near 0.7730. Yet some skepticism over a sustained move lower may be warranted given recent ‘messy’ price action.

NZD/USD: Hanging Man Receives Confirmation

NZD/USD Hanging Man Candlestick Warns Of A Deeper Pullback

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

The four hour chart inspires less confidence in the prospect of a sustained pullback for the Kiwi. Messy intraday price action and a string of short-body candles suggests indecision from traders. Some intraday buying support appears evident at the 0.7895 floor, which if broken could open a retreat to the 0.7790 barrier.

NZD/USD: Short Body Candles Highlight Hesitation In Intraday Trade

NZD/USD Hanging Man Candlestick Warns Of A Deeper Pullback

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

By David de Ferranti, Currency Analyst, DailyFX

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