Talking Points
NZD/USD Technical Strategy: Sidelines Preferred
The Kiwi bulls pushed prices to a new 2014 high in Asian trading today. However, the bears look to be re-emerging with a Shooting Star potentially forming on the daily. It should be noted of course that the candle has yet to close and receive validation from another period – but it is certainly on the radar.
NZD/USD: Sets New 2014 High Following Break of 0.8700
A Shooting Star and Dark Cloud cover suggest potential for an intraday dip in the NZD/USD pair. The four-hour chart, created using FXCM Marketscope 2.0, provides a visual representation of the current technical situation.
By David de Ferranti, Market Analyst, FXCM
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