NZD/USD Clear Cues From Candlesticks Lacking As Sideways Drift Endures
- Strategy: Flat
- Parade Of Short Body And Doji Candlesticks Continues
- Bearish Engulfing Pattern Emerges Near Range-Top On H4
NZD/USD’s sideways drift has been prolonged as a medley of short body candles and Doji formations suggest indecision from traders. In the absence of clearer directional signals a flat bias remains and a more constructive setup desired. Buying interest remains evident at the 0.7730 floor.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart reveals a potential short-term range-trading setup with a ceiling at 0.7920 and range-floor near 0.7765. A Bearish Engulfing pattern near its upper bound suggests the risks may skewed lower over the session ahead.
NZD/USD: Bearish Engulfing Pattern Emerges Near Range-Top
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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