NZD/USD Vulnerable, No Reversal In Sight
Dailyfx | Oct 24, 2014 05:29AM ET
- NZD/USD Technical Strategy: Sidelines Preferred
- Doji Indicated Indecision At The 0.8060 Ceiling
- Bullish Pattern Emerges In Intraday Trade
NZD/USD continues to lack bullish cues from candlesticks on the daily. Yet some skepticism over a continued pullback may be warranted given recent ‘messy’ price action. This suggests a consolidation may be a more likely path for the pair with buyers likely to move at 0.7730.
The four hour chart may be offering a source of hope for the Kiwi with a Bullish Engulfing formation evident near 0.7790. However, the key reversal formation awaits confirmation from a successive up-period to be validated and to suggest an advance over the session ahead.
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