NZD/USD Demonstrates Resilience In The Absence of Bearish Patterns
- Strategy: Flat
- Clean Ascent May Prove Challenging Amid Downtrend
- H4 Timeframe Reveals Reluctance From The Bulls
NZD/USD has proven its resilience in recent trade after initially seeing a lackluster response to a Bullish Engulfingformation. An absence of bearish candlesticks opens the potential for further gains. However, a clean ascent is likely to be challenging with lingering signs of a downtrend suggesting some negative sentiment remains.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A string of Dojiformations on the four hour chart indicates reluctance from the bulls to lead the pair higher. Yet a void of definitive key reversal patterns suggests a potential pullback is questionable.
NZD/USD: Dojis Highlight Indecision From Traders
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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