NZDUSD Harami Candlestick Pattern Warns of Correction
- NZD/USD Technical Strategy: Sidelines Preferred
- Harami pattern near 0.8700 suggests the potential for a pullback
- Dark Cloud Cover signals potential dip in the session ahead
The Kiwi’s recent run has stalled at the 0.8700 handle with slight pullback offering the formation of a Harami pattern. The signal awaits confirmation from a second down-day which would suggest a correction back to the psychologically-significant 0.8600 level.
Daily Chart - Created Using FXCM Marketscope 2.0
Similarly, the four hour chart reveals the presence of a Dark Cloud Cover formation which is warning of a dip in the session ahead.
NZD/USD: Dark Cloud Cover Warns of A Pullback Near Key Level
Four Hour Chart - Created Using FXCM Marketscope 2.0
By David de Ferranti, Currency Analyst, DailyFX
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