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NZD/USD Bullish Engulfing Pattern Emerges Post Rebound From Key Level

NZD/USD Bullish Engulfing Pattern Emerges Post Rebound From Key Level

David de Ferranti, Currency Analyst

Talking Points

  • NZD/USD Technical Strategy: Flat
  • Bullish Engulfing Pattern Emerges On Turn
  • H4 Chart Offered An Early Hint At A Recovery

NZD/USD’s upturn has seen a Bullish Engulfing pattern emerge, which may be the precursor to further gains if confirmed by a successive up-session. 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: Bullish Pattern Emerges Following Intraday Rebound

NZD/USD Bullish Engulfing Pattern Emerges Post Rebound From Key Level

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

The four hour chart offered an early hint at a recovery for the Kiwi in the form of a Morning Star pattern. A climb over intraday resistance (now support) at 0.7790 amid a void of bearish reversal signals suggests some scope for further gains.

NZD/USD: Bullish Pattern Offered Early Hint At A Recovery

NZD/USD Bullish Engulfing Pattern Emerges Post Rebound From Key Level

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

By David de Ferranti, Currency Analyst, DailyFX

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