NZD/USD Maintains Upward Trajectory With Bearish Signals Lacking
- Strategy: Flat
- Clean Ascent May Prove Challenging Amid Downtrend
- H4 Timeframe Reveals Reluctance From The Bulls
NZD/USD continues its climb with a void of bearish candlesticks potentially opening the prospect of 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
The four hour chart should be closely monitored for signs of exhaustion from the bulls. Already a Dojiformation suggests some indecision from traders. Yet in the absence of more definitive reversal signals there is some doubt over a correction during the session ahead.
NZD/USD: Doji Suggests Some Reluctance From The Bulls In Intraday Trade
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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