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NZD/USD Harami Takes Shape Near Key Support Zone

NZD/USD Harami Takes Shape Near Key Support Zone

2014-11-04 05:40:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Pending Short
  • Awaiting Downside Break While Harami Lacks Confirmation
  • H4 Chart Hinting At A Potential Intraday Advance

NZD/USD remains at a critical juncture near the 0.7700/30 barrier as a Harami pattern emerges on the daily. Yet the key reversal signal awaits the close of the current candle and a successive up-session to signal a potential reversal. If this is not received a downside break would be preferred for fresh short positioning with a target offered by the 2012 low near 0.7450.

NZD/USD: Awaiting Breakout Below Critical Barrier

NZD/USD Harami Takes Shape Near Key Support Zone

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

The four hour chart offers a more constructive setup for the Kiwi bulls. A Morning Star pattern and probe above the 0.7740 mark suggests a possible advance towards the next intraday barrier at 0.7790.

NZD/USD: Bullish Pattern Emerges In Intraday Trade

NZD/USD Harami Takes Shape Near Key Support Zone

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

By David de Ferranti, Currency Analyst, DailyFX

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