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NZD/USD Continues Cautious Advance With A Bullish Pattern In Its Wake

NZD/USD Continues Cautious Advance With A Bullish Pattern In Its Wake

2014-10-29 04:22:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Candlestick Pattern Offers Bullish Signal
  • Harami Awaiting Validation On H4

NZD/USD has continued its cautious creep higher in the wake of a Harami candlestick formation. While bearish reversal signals remain lacking some skepticism over a further advance may be warranted given ‘messy’ price action over the past several weeks. 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 Continues Cautious Advance With A Bullish Pattern In Its Wake

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

The four hour chart suggests some indecision from traders near the 0.7960 ceiling, as denoted by a Doji formation. However with bearish formations lacking the potential for a pullback over the session ahead is questionable. Buying interest is evident at former support-turned-resistance at 0.7902.

NZD/USD: Doji Denotes Intraday Indecision

NZD/USD Continues Cautious Advance With A Bullish Pattern In Its Wake

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

By David de Ferranti, Currency Analyst, DailyFX

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