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NZD/USD Consolidation Endures As Traders Look Past Bearish Pattern

NZD/USD Consolidation Endures As Traders Look Past Bearish Pattern

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Dark Cloud Cover Finds Limited Follow-Through
  • Hammer On H4 Offers Positive Sign For The Bulls

NZD/USDcontinues to consolidate with key reversal candlesticks, including a Dark Cloud Cover pattern, receiving little follow-through in recent trade. This leaves a more constructive setup desired to suggest a directional bias. A retreat from the pair is likely to find buying interest renewed at the 2014 low near 0.7730.

NZD/USD: Consolidation Continues Amid Choppy Trade

NZD/USD Consolidation Endures As Traders Look Past Bearish Pattern

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

A Hammer formation on the four hour chart offers an encouraging sign for the bulls. An advance over the session ahead is likely to encounter selling pressure at the recent highs near 0.7950.

NZD/USD: Hammers Offers Hope For The Bulls

NZD/USD Consolidation Endures As Traders Look Past Bearish Pattern

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

By David de Ferranti, Currency Analyst, DailyFX

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