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NZD/USD Consolidation Endures As Hanging Man Falls Flat

NZD/USD Consolidation Endures As Hanging Man Falls Flat

2014-10-21 04:01:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Hanging Man Fails To Find Follow-Through
  • Harami On H4 Warns Of Intraday Weakness

NZD/USD has witnessed a lackluster response to a Hanging Man candlestick which had warned of a potential pullback for the pair. As noted in recent reports some skepticism over a corrective move lower may be warranted given recent ‘messy’ price action. Yet scope for an advance appears to be limited by sellers sitting at the 0.8000 handle. This in turn suggests a consolidation may be the more likely path for the pair.

NZD/USD: Hanging Man Falls Flat As Consolidation Endures

NZD/USD Consolidation Endures As Hanging Man Falls Flat

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

A Harami pattern on the four hour chart signals a potential intraday shift in sentiment near 0.8000. However, recent ‘messy’ price action suggests limited potential scope for downside follow-through. Buying interest is likely to be renewed at the 0.7895 floor.

NZD/USD: Short Body Candles Highlight Hesitation In Intraday Trade

NZD/USD Consolidation Endures As Hanging Man Falls Flat

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

By David de Ferranti, Currency Analyst, DailyFX

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