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NZD/USD Clear Cues From Candlesticks Lacking As Sideways Drift Endures

NZD/USD Clear Cues From Candlesticks Lacking As Sideways Drift Endures

2014-12-02 08:40:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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.

NZD/USD: Lacking Directional Signals From Absence of Reversal Candlesticks

NZD/USD Clear Cues From Candlesticks Lacking As Sideways Drift Endures

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

NZD/USD Clear Cues From Candlesticks Lacking As Sideways Drift Endures

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

By David de Ferranti, Currency Analyst, DailyFX

Follow David on Twitter: @DaviddeFe

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