NZD/USD Bulls Lose Steam As A Key Reversal Pattern Emerges
- NZD/USD Technical Strategy: Sidelines Preferred
- Recovery Stalls As A Bearish Pattern Emerges
- Dojis Denote Indecision In Intraday Trade
NZD/USD’s recovery has stumbled as a Dark Cloud Cover candlestick formation warns the bulls have lost their grip on the pair. Amid recent choppy price action this may herald a consolidation for the Kiwi. Buying interest is likely to be renewed at the 2014 low near 0.7730.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A string of Dojis on the four hour chart indicates indecision from traders near 0.7850. Yet amid an absence of key reversal patterns a more constructive setup is desired to offer a clearer directional bias.
NZD/USD: Dojis Denote Indecision In Intraday Trade
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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