NZD/USD Plunge Leaves Void Of Bullish Signals In Its Path
Dailyfx | Oct 23, 2014 01:30AM ET
Talking Points
- NZD/USD Technical Strategy: Sidelines Preferred
- Doji Indicated Indecision At The 0.8060 Ceiling
- Bearish PatternOn H4 Warned Of Intraday Weakness
NZD/USD’s dramatic turnaround was heralded by a Doji candlestick, which suggested hesitation from the bulls near the 0.8060 barrier. While reversal signals are lacking some skepticism over a continued pullback may be warranted given recent ‘messy’ price action. Buyers are likely to move in to support the pair near 0.7730.
NZD/USD: Doji Suggested Hesitation Near 0.8060 Ceiling
A Bearish Engulfing pattern on the four hour chart offered an early warning sign for the Kiwi. A lack of bullish reversal signals alongside the drop below 0.7895 leaves the risks focused on the 0.7790 floor.
NZD/USD: Bullish Reversal Signals Lacking In Intraday Trade
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