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NZD/USD Lacking Bullish Signal In Intraday Trade

Published 05/13/2014, 06:50 AM
Updated 07/09/2023, 06:31 AM
NZD/USD
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  • NZD/USD Technical Strategy: Shorts Preferred
  • Bearish Engulfing pattern opens drop to 0.8600
  • 4 hour chart shows few signs of a potential bounce
  • The kiwi bears have taken a breather near the psychologically-significant 0.8600 handle, with a Doji formation suggesting signs of hesitation from traders to push the currency lower. However, it may be too soon to call for a bounce, given a bullish signal remains lacking on both the daily and four hour charts.

    NZD/USD: Finds Support At 0.8600

    NZD/USD Daily Chart

    Similarly, in intraday trade a bullish reversal signal is seemingly absent, which casts doubt on a potential recovery in the session ahead.

    NZD/USD: Lacking Bullish Signal In Intraday Trade

    NZD/USD Hourly Chart

    Original post

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