NZD/USD Tug-Of-War Continues With Guidance From Candlesticks Lacking
- NZD/USD Technical Strategy: Pending Short
- Short Body Sessions Denote Indecision Near 0.8060
- Daily Close Below 0.8060 To Open Aug ’13 Lows
NZD/USDcontinues to keep traders in suspense near its recent lows with an absence of clear directional signals from candlestick patterns. Several short body sessions indicates hesitation from traders to lead the pair lower. Yet after a Piercing Line pattern failed to find confirmation a recovery for the Kiwi may also prove difficult. 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.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour timeframe continues to illustrate choppy price action, which has left little in the way of clear candlestick signals. This leaves a more constructive setup desired before offering a technical bias for the pair.
NZD/USD: Awaiting Clearer Signals As Intraday Range Emerges
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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