NZD/USD Remains Vulnerable Amid Lack Of Reversal Signals
- NZD/USD Technical Strategy: Sidelines Preferred
- Doji Indicated Indecision At The 0.8060 Ceiling
- Bullish Pattern Emerges In Intraday Trade
NZD/USD continues to lack bullish cues from candlesticks on the daily. Yet some skepticism over a continued pullback may be warranted given recent ‘messy’ price action. This suggests a consolidation may be a more likely path for the pair with buyers likely to move at 0.7730.
NZD/USD: Doji Suggested Hesitation Near 0.8060 Ceiling
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart may be offering a source of hope for the Kiwi with a Bullish Engulfing formation evident near 0.7790. However, the key reversal formation awaits confirmation from a successive up-period to be validated and to suggest an advance over the session ahead.
NZD/USD: Bullish Reversal Signal Emerges 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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