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NZD/USD Plunge Leaves Void Of Bullish Signals In Its Path

NZD/USD Plunge Leaves Void Of Bullish Signals In Its Path

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Doji Indicated Indecision At The 0.8060 Ceiling
  • Bearish PatternOn H4 Warned Of Intraday Weakness

NZD/USD’s dramatic turnaround was heralded by a Doji candlestick, which suggested hesitation from the bulls near the 0.8060 barrier. While reversal signals are lacking some skepticism over a continued pullback may be warranted given recent ‘messy’ price action. Buyers are likely to move in to support the pair near 0.7730.

NZD/USD: Doji Suggested Hesitation Near 0.8060 Ceiling

NZD/USD Plunge Leaves Void Of Bullish Signals In Its Path

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

A Bearish Engulfing pattern on the four hour chart offered an early warning sign for the Kiwi. A lack of bullish reversal signals alongside the drop below 0.7895 leaves the risks focused on the 0.7790 floor.

NZD/USD: Bullish Reversal Signals Lacking In Intraday Trade

NZD/USD Plunge Leaves Void Of Bullish Signals In Its Path

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

By David de Ferranti, Currency Analyst, DailyFX

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