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NZDUSD Rebound Leaves A Bullish Formation Awaiting Validation

NZDUSD Rebound Leaves A Bullish Formation Awaiting Validation

2014-11-10 12:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Flat
  • Key Reversal Pattern Awaiting Confirmation
  • H4 Chart Offered An Early Rebound Hint

NZD/USD has poked its head back above the 0.7700/30 threshold with a Bullish Engulfing formation in its path. The key reversal pattern requires validation from a successive up-day to open the prospect of a further advance. Yet with a short-term downtrend in force, this may prove challenging.

NZD/USD: Bullish Engulfing Pattern Emerges On Bounce Back

NZDUSD Rebound Leaves A Bullish Formation Awaiting Validation

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

A Bullish Engulfing formation on the four hour chart offered an early hint at a reversal in intraday trade. Bearish signals remain lacking suggesting the potential for a push higher, which may encounter selling interest at the 0.7830 ceiling.

NZD/USD: Bullish Engulfing Pattern Offered An Early Hint At A Reversal

NZDUSD Rebound Leaves A Bullish Formation Awaiting Validation

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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