- NZD/USD Technical Strategy: Sidelines Preferred
- Hammer Fails To Sustain Upside Momentum
- Break Below 0.8460 Opens 84 US Cent Handle
NZD/USD has suffered a steep decline with a Hammer formation near 0.8460 failing to sustain bullish momentum for the pair. Several short body sessions offered a warning that the pair was struggling to gain ground. With reversal signals now lacking the 0.8400 handle is on the cards.
NZD/USD: May Extend Declines With Bullish Reversal Patterns Lacking
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart paints a contrasting picture to the daily with a Harami pattern offering a glimmer of hope to the Kiwi bulls. The reversal pattern may see an intraday recovery. However, this may be capped by the nearby 0.8480 barrier.
NZD/USD: Harami Offers Hope To The Kiwi Bulls
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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