NZD/USD Plunge Leaves Void Of Bullish Signals In Its Path
- NZD/USD Technical Strategy: Sidelines Preferred
- Doji Indicated Indecision At The 0.8060 Ceiling
- Bearish PatternOn H4 Warned Of Intraday Weakness
NZD/USD’s dramatic turnaround was heralded by a Doji candlestick, which suggested hesitation from the bulls near the 0.8060 barrier. While reversal signals are lacking some skepticism over a continued pullback may be warranted given recent ‘messy’ price action. Buyers are likely to move in to support the pair near 0.7730.
NZD/USD: Doji Suggested Hesitation Near 0.8060 Ceiling
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Bearish Engulfing pattern on the four hour chart offered an early warning sign for the Kiwi. A lack of bullish reversal signals alongside the drop below 0.7895 leaves the risks focused on the 0.7790 floor.
NZD/USD: Bullish Reversal Signals Lacking 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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