NZD/USD Bounce Off Critical Floor Sees A Piercing Line Take Shape
Dailyfx | Sep 30, 2014 06:14AM ET
Talking Points
- NZD/USD Technical Strategy: Shorts Preferred
- Piercing Line Pattern Awaits Confirmation
- Breach of 0.7730 Needed Open ’12 Low Near 0.7450
NZD/USD is in the process of producing a Piercing Line pattern on the daily after bouncing off the 0.7730 floor. The close of the current candle and an ensuing up-day would be required to suggest a base. However, within the context of a broader downtrend on the daily a sustained advance may prove difficult. A close below the pair’s recent lows would set the scene for a descent on the 2012 low near 0.7450.
NZD/USD: Piercing Line Pattern Awaiting Confirmation Near Recent Lows
The four hour timeframe offered an early indication of exhaustion by the bears in the form of an Inverted Hammer. While considered a key reversal pattern follow-through may prove challenging in light of the broader bearish backdrop afforded by the daily.
NZD/USD: Inverted Hammer Suggested Bears Were Losing Their Grip
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.