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NZDUSD Harami Candlestick Pattern Warns of Correction

NZDUSD Harami Candlestick Pattern Warns of Correction

David Ferranti,

Talking Points

  • 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.

NZD/USD: Harami Pattern Awaits Confirmation Near Resistance

NZDUSD Harami Candlestick Pattern Warns of Correction

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

NZDUSD Harami Candlestick Pattern Warns of Correction

Four Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Currency Analyst, DailyFX

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