NZD/USD Directionless Drift Endures Amid Absence Of Reversal Patterns
- Strategy: Flat
- Clear Directional Signals Lacking As Consolidation Continues
- Bearish Engulfing Pattern Arises Near Range-Top On H4
NZD/USD continues its sideways drift as a string of short body candles suggests hesitation from traders. In the absence of key reversal patterns a more constructive setup is desired to offer a technical bias. Buying interest remains at the 0.7650 floor, while sellers appear intent on capping the pair near 0.8060.
Traders should note the upcoming FOMC Decision offers substantial fundamental event risk that may negate technical signals offered.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart may offer some signals to capitalize on shorter-term movements. A Bearish Engulfing pattern near the 0.7835 intraday highs suggests a potential revisit of the 0.7720 mark over the session ahead.
NZD/USD: Bearish Engulfing Pattern Casts Risks Lower 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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