NZD/USD Breaches 0.7700 Barrier With Bullish Signals Missing
- NZD/USD Technical Strategy: Shorts Preferred
- Bullish Candlestick Reversal Signals Lacking
- Clearance Of 0.7700 Opens Further Declines
NZD/USD has crossed the 0.7700 threshold with a void of candlestick reversal patterns suggesting the prospect of further weakness. This in turn has opened a fresh short opportunity with a target offered by the 2012 low near 0.7450. A close above former support-turned-resistance at 0.7700 would be required to negate a bearish bias and suggest a base.
NZD/USD: Void Of Key Reversal Signals Keeps Risks Skewed Lower
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
Similarly, an absence of bullish reversal signals on the four hour chart leaves an intraday recovery as questionable.
NZD/USD: Absence Of Reversal Signals Casts Doubt On A Recovery
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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