NZD/USD
Strategy: Pending Short
We previously suggested that NZDUSD appeared ready to resume bearish momentum after prices put in a Harami candlestick pattern following a re-test of previously broken support at a rising trend line established since the lows in March. Indeed, the pair moved lower, with trading initially confined to a minor falling channel. This formation has fallen by the wayside however as NZDUSD put in a Bullish Engulfing and broke higher, with prices apparently determined to continue consolidation in the now familiar 0.7076 – 0.7329 area that had been a site of significant congestion at least since September. We will remain on the sidelines waiting for a selling opportunity to present itself.
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