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NZD/USD Bounce Sees Bullish Reversal Pattern Forming

NZD/USD Bounce Sees Bullish Reversal Pattern Forming

2014-07-18 11:32:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Harami pattern awaiting confirmation shy of key resistance
  • Bullish Engulfing pattern puts the 0.8700 handle in focus

The Kiwi look set to post a Harami formation as the currency’s sharp drop finds a soft landing around the 0.8670 mark. If confirmed by the close of the candle and a successive up-day the pattern could suggest a potential recovery for NZD/USD. However, this may prove difficult with the psychologically-significant 0.8700 handle looming overhead.

NZD/USD: Reversal Pattern Forming Shy of Resistance

NZD/USD Bounce Sees Bullish Reversal Pattern Forming

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

NZD/USD’s four hour chart reveals similar signs of a potential reversal for the pair. The Bullish Engulfing pattern near 0.8645 may yield a run on 0.8700. Yet with intraday support at 0.8645, current levels do not present a favorable risk-reward picture.

NZD/USD: Bullish Engulfing Pattern Hints At Intraday Recovery

NZD/USD Bounce Sees Bullish Reversal Pattern Forming

Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @Davidde

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