NZD/USD Knocks On Critical Floor As Bullish Signal Falls Flat
- NZD/USD Technical Strategy: Pending Short
- Bullish Engulfing Pattern Falls Flat
- Reversal Signals Absent In Intraday Trade
NZD/USD is at a crossroads after pulling back to the 0.7700/30 barrier, leaving a Bullish Engulfing formation lacking confirmation. A close below the nearby floor would open a fresh short opportunity with a target offered by the 2012 low near 0.7450.
NZD/USD: Bullish Pattern Fails To Find Confirmation
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
An absence of bullish reversal signals on the four hour chart leaves an intraday recovery as questionable. Given the context on the daily a break below the 0.7700 barrier would be preferred for adopting fresh short positions.
NZD/USD: Absence Of Reversal Signals Casts Doubt On A Recovery
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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