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NZD/USD Breaches 0.7700 Barrier With Bullish Signals Missing

NZD/USD Breaches 0.7700 Barrier With Bullish Signals Missing

David de Ferranti, Currency Analyst

Talking Points

  • 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

NZD/USD Breaches 0.7700 Barrier With Bullish Signals Missing

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

NZD/USD Breaches 0.7700 Barrier With Bullish Signals Missing

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

By David de Ferranti, Currency Analyst, DailyFX

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