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NZD/USD Climb Offers Harami Candlestick Formation Validation

NZD/USD Climb Offers Harami Candlestick Formation Validation

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Bullish Pattern Receives Confirmation
  • Harami Awaiting Validation On H4

NZD/USD’s recent rebound has offered confirmation to a key candlestick reversal pattern. 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 Receives Confirmation

NZD/USD Climb Offers Harami Candlestick Formation Validation

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

The four hour chart should be monitored closely following the emergence of a Harami pattern. The key reversal formation awaits confirmation, which if received may be the precursor to a deeper setback for the pair. Buying interest is likely to be renewed at the 0.7790 floor.

NZD/USD: Harami Awaiting Confirmation In Intraday Trade

NZD/USD Climb Offers Harami Candlestick Formation Validation

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

By David de Ferranti, Currency Analyst, DailyFX

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