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NZD/USD Targets 0.8600 After Key Reversal Signal

Published 05/08/2014, 07:39 AM
Updated 07/09/2023, 06:31 AM
  • NZD/USD Technical Strategy: Shorts Preferred
  • Bearish Engulfingpattern opens drop to 0.8600
  • 4 hour chart shows few signs of a potential bounce
  • The Kiwi may be set to continue its recent declines following the emergence of a Bearish Engulfing pattern on the daily. A pullback would likely be met by buying support at the psychologically-significant 0.8600 handle.

    Targeting 0.8600 After Key Reversal Signal

    NZD/USD Daily Chart

    Examining the four hour chart; an Evening Star pattern is further evidence that the most recent bull-run for the Kiwi has been exhausted. While the pair has found some support in intraday trade near 0.8640 the absence of a bullish reversal signal casts doubt over a potential bounce.

    Bears Return Following Evening Star Pattern

    NZD/USD 4 Hour Chart

    Original post

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