NZD/USD Drift Persists With Guidance From Candlesticks Missing
- NZD/USD Technical Strategy: Sidelines Preferred
- Dark Cloud Cover Finds Limited Follow-Through
- Hammer On H4 Offered Positive Sign For The Bulls
NZD/USDremains trapped within its recent trading range as key reversal signals, including a Dark Cloud Cover pattern, find little response from traders. 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.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Hammer formation on the four hour chart offered an encouraging sign for the bulls in intraday trade. While the Kiwi has since lost steam an absence of bearish signals casts doubt on a correction over the session ahead.
NZD/USD: Hammers Offered Hope For The Bulls
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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