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NZD/USD Bearish Pattern Falls Flat As Consolidation Endures

NZD/USD Bearish Pattern Falls Flat As Consolidation Endures

2014-10-31 07:21:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Flat
  • Bearish Formation Finds Little Follow-Through
  • Doji On H4Suggests Indecision In Intraday Trade

NZD/USD has seen disappointing follow-through to a bearish candlestick formation. The Bearish Engulfing pattern has failed to receive confirmation from a successive-down day. This may suggest the Kiwis’ directionless sideways drift may continue. A break of the nearby 0.7730 floor would be required to offer a bearish bias and open the next leg lower for the currency.

NZD/USD: Bearish Pattern Sees Lackluster Response

NZD/USD Bearish Pattern Falls Flat As Consolidation Endures

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

The four hour chart is showing signs of indecision from traders in the form of a Doji formation. Yet an absence of more definitive reversal signals leaves a clear directional bias lacking.

NZD/USD: Doji Suggests Indecision In Intraday Trade

NZD/USD Bearish Pattern Falls Flat As Consolidation Endures

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @DaviddeFe

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