Technical Analysis for NZDUSD - Pending Short, Daily Close Below 0.8060 To Open Aug ’13 Lows

NZDUSD has resumed its journey lower in recent trade, which in turn has negated a Piercing Line pattern on the daily. As noted in recent reports the potential for a sustained recovery was questionable against the backdrop of a core downtrend. 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.

A Harami pattern alongside a push beyond intraday resistance (now support) at 0.8120 hints at further gains over the session. Yet within the context afforded by the daily, selling into rallies remains preferred.