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USD/CAD Bearish Engulfing Pattern Warns Of A Correction

USD/CAD Bearish Engulfing Pattern Warns Of A Correction

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Piercing Line May Once Again Struggle To Find Follow-Through
  • Morning Star On H4 Offered An Early Hint At A Recovery

NZD/USD is probing back above the critical 84 US cent barrier with a Piercing Line formation in its wake. Yet the key reversal pattern awaits confirmation from a successive up-day before being validated. Further, some skepticism over the potential for a more sustained recovery for the pair may be warranted given the last such formation saw a lackluster response.

NZD/USD: Recovery May Prove Limited With Downtrend Intact

USD/CAD Bearish Engulfing Pattern Warns Of A Correction

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

A textbook Morning Star formation on the four hour chart offered an advance indication of an intraday recovery for the Kiwi. However, the pair’s ascent has encountered some selling pressure at the 0.8420 barrier with a Shooting Star now forming. The close of the current candle and a successive down-period would be required to confirm the bearish signal and open the door to a retreat on 0.8343/5.

NZD/USD: Morning Star Rises In Intraday Trade

USD/CAD Bearish Engulfing Pattern Warns Of A Correction

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

By David de Ferranti, Currency Analyst, DailyFX

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