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NZD/USD Bullish Candlestick Pattern Awaits Confirmation

NZD/USD Bullish Candlestick Pattern Awaits Confirmation

David de Ferranti, Currency Analyst

Talking Points

  • 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

NZD/USD Bullish Candlestick Pattern 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

NZD/USD Bullish Candlestick Pattern Awaits Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

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