- NZD/USD Technical Strategy: Pending Short
- Piercing Line Pattern Fails To Find Follow-Through
- Daily Close Below 0.8060 To Open Aug ’13 Lows
NZD/USDhas been reluctant to revisit its recent lows near 0.8060. Yet after a Piercing Line pattern failed to find confirmation a recovery for the Kiwi may also prove difficult. A daily close below the 0.8060 hurdle could open some significant room before buying interest is renewed at the August 2013 low near 0.7750. Whereas a climb above the 0.8260 hurdle would likely be required to mark a small base for the pair.
NZD/USD: Piercing Line Pattern Fails To Generate Follow-Through
The four hour timeframe has demonstrated choppy price action, which has left little in the way of clear candlestick signals. This leaves a more constructive setup desired before offering a technical bias for the pair.
NZD/USD: Awaiting Clearer Signals As Intraday Range Emerges
By David de Ferranti, Currency Analyst, DailyFX
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