NZD/USD Cracks Key Support Amid Void Of Bullish Candles

Talking Points

  • NZD/USD Technical Strategy: Shorts Preferred
  • Recovery Questionable With Reversal Patterns Lacking
  • Daily Close Below 0.8260 Opens Grind Towards 0.8060

NZD/USD has slid below the 0.8260 floor with an absence of key reversal patterns leaving the immediate risks skewed to the downside for the pair. Against the backdrop of a core downtrend on the daily this opens the prospect of a grind towards the February lows near 0.8060.

NZD/USD: Left Lacking Bullish Signals On Slide Below Support

NZD/USD Cracks Key Support Amid Void Of Bullish Candles

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

A Harami pattern in intraday trade failed to find follow-through with sellers sitting on the 0.8260 mark. This has left a void of bullish signals and casts doubt over the potential for an intraday recovery for the pair.

NZD/USD: Harami Fails To Stir The Kiwi Bulls

NZD/USD Cracks Key Support Amid Void Of Bullish Candles

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

By David de Ferranti, Currency Analyst, DailyFX

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