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NZD/USD Grind Lower May Continue With Key Reversal Signals Lacking

NZD/USD Grind Lower May Continue With Key Reversal Signals Lacking

David de Ferranti, Currency Analyst

Talking Points

  • Strategy: Flat
  • Drift Lower May Continue Amid Absence Of Bullish Signals On The Daily
  • A Hammer On The H4 Chart Offered An Intraday Turning Point Signal

NZD/USD remains devoid of bullish candlesticks signals, which may in turn leave its slow downward drift to continue. Yet with the proximity to buying support near 0.7730 a more favorable risk/reward profile is sought before offering a fresh positioning bias.

NZD/USD: Dojis Suggest Hesitation From Traders

NZD/USD Grind Lower May Continue With Key Reversal Signals Lacking

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

The four hour chart offered a hint at an intraday upturn in the form of a Hammer formation. Despite a lack of intraday bearish patterns the context afforded by the daily and sellers at the 0.7830 mark suggest a sustained recovery may prove challenging.

NZD/USD: Hammer Offered Intraday Upturn Signal

NZD/USD Grind Lower May Continue With Key Reversal Signals Lacking

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

By David de Ferranti, Currency Analyst, DailyFX

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