NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Piercing Line Pattern Awaiting Confirmation
  • Close Below 0.8400 To Open The 0.8260 Floor

NZD/USD’s recovery has yielded a Piercing Line candlestick pattern on the daily which awaits confirmation from a successive up day. While the bullish reversal signal suggests the potential for a corrective bounce, a sustained recovery may prove difficult with the short-term downtrend intact. A push below the nearby 0.8400 barrier would set the scene for a descent towards the mid-February lows near 0.8260.

NZD/USD: Piercing Line May Struggle To Find Follow-Through

NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

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

The four hour timeframe reveals some hesitation from traders denoted by a Doji candlestick. The emergence of a bearish reversal signal near the 0.8480 ceiling would warn of a potential correction to intraday support at 0.8420.

NZD/USD: Doji Highlights Hesitation By The Bulls Near Intraday Resistance

NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

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NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Piercing Line Pattern Awaiting Confirmation
  • Close Below 0.8400 To Open The 0.8260 Floor

NZD/USD’s recovery has yielded a Piercing Line candlestick pattern on the daily which awaits confirmation from a successive up day. While the bullish reversal signal suggests the potential for a corrective bounce, a sustained recovery may prove difficult with the short-term downtrend intact. A push below the nearby 0.8400 barrier would set the scene for a descent towards the mid-February lows near 0.8260.

NZD/USD: Piercing Line May Struggle To Find Follow-Through

NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

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

The four hour timeframe reveals some hesitation from traders denoted by a Doji candlestick. The emergence of a bearish reversal signal near the 0.8480 ceiling would warn of a potential correction to intraday support at 0.8420.

NZD/USD: Doji Highlights Hesitation By The Bulls Near Intraday Resistance

NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

This entry was posted in Binary Options Signals Related News and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Piercing Line Pattern Awaiting Confirmation
  • Close Below 0.8400 To Open The 0.8260 Floor

NZD/USD’s recovery has yielded a Piercing Line candlestick pattern on the daily which awaits confirmation from a successive up day. While the bullish reversal signal suggests the potential for a corrective bounce, a sustained recovery may prove difficult with the short-term downtrend intact. A push below the nearby 0.8400 barrier would set the scene for a descent towards the mid-February lows near 0.8260.

NZD/USD: Piercing Line May Struggle To Find Follow-Through

NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

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

The four hour timeframe reveals some hesitation from traders denoted by a Doji candlestick. The emergence of a bearish reversal signal near the 0.8480 ceiling would warn of a potential correction to intraday support at 0.8420.

NZD/USD: Doji Highlights Hesitation By The Bulls Near Intraday Resistance

NZD/USD Recovers Ground As Piercing Line Pattern Awaits Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

This entry was posted in Binary Options Signals Related News and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *