NZD/USD Bullish Candlestick Pattern Awaits Confirmation
- NZD/USD Technical Strategy: Sidelines Preferred
- Harami Formation Awaits Confirmation
- H4 Chart Offered Early Bullish Signal
NZD/USD has posted a Harami pattern on the daily, which awaits confirmation from a successive up-day to be validated. Yet some skepticism over a further advance may be warranted given recent ‘messy’ price action. This suggests a consolidation may be a more likely path for the pair with sellers likely to re-emerge at the 0.8000 handle.
NZD/USD: Harami Candlestick Formation Awaits Confirmation
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart offered an early sign of a potential recovery for the Kiwi in the form of a Bullish Engulfing pattern. While the bulls appear to have lost steam ahead of the 0.7900 mark bearish reversal signals remain lacking. This is turn places a question mark over a possible correction during the session ahead.
NZD/USD: Bullish Reversal Signal Hinted At An Advance
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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