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NZD/USD Bullish Engulfing Pattern Awaiting Confirmation

NZD/USD Bullish Engulfing Pattern Awaiting Confirmation

David de Ferranti, Currency Analyst

Talking Points

  • Strategy: Flat
  • Bullish Engulfing Pattern Awaiting Confirmation On The Daily
  • A Hammer On The H4 Chart Offered An Intraday Turning Signal

NZD/USD’s latest bounce has left a Bullish Engulfing pattern in its wake. If confirmed by a successive up-session it may herald a revisit of the recent highs near 0.8000. Yet the scope for further follow-through is questionable amid the choppy range that has emerged in recent months.

NZD/USD: Bullish Engulfing Formation Awaiting Confirmation

NZD/USD Bullish Engulfing Pattern Awaiting Confirmation

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. With bearish candlestick patterns now lacking the prospect of a pullback is questionable. Intraday resistance looms overhead at the 0.7970 ceiling.

NZD/USD: Hammer Offered Intraday Upturn Signal

NZD/USD Bullish Engulfing Pattern Awaiting Confirmation

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

By David de Ferranti, Currency Analyst, DailyFX

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