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NZD/USD Yet Another Reversal Candlestick Formation Awaits Confirmation

NZD/USD Yet Another Reversal Candlestick Formation Awaits Confirmation

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Piercing LinePattern Awaiting Confirmation
  • Breach of 0.7730 Needed Open ’12 Low Near 0.7450

NZD/USD’s latest reversal pattern may see another limited response from traders as the pair struggles to meaningfully lift from the 0.7730 floor. A daily close below the nearby barrier would set the scene for a descent on the 2012 low near 0.7450.

NZD/USD: Another Reversal Signal Awaiting Confirmation

NZD/USD Yet Another Reversal Candlestick Formation Awaits Confirmation

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

A congestion zone appears to have formed between 0.7740 and 0.7907 in intraday trade. A medley of short body candles and a Doji formation suggests upside momentum may have stalled. However, with key reversal candlesticks lacking a correction is questionable.

NZD/USD: Dojis Highlight Hesitation Within “Congestion Zone”

NZD/USD Yet Another Reversal Candlestick Formation Awaits Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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