Forex Marketz Daily Forex News – Fully Markets Update
NZD/USD (0.7779)
The kiwi to dollar Forex pair has formed what is called a piercing candlestick. There is little volume as traders are not buying or selling. We still need a confirmation of this pattern with a daily close higher. If that happens, then a base is forming and a move higher will be in the cards. Still, the tables still appear to be set for a revisit of 0.7480 then the key technical level at 0.7450.
Looking at our 4 hour MT 4 chart below, we are noting consolidation, or sideways trading just above a key technical level, mentioned above, at 0.7450. We also note a lot of hesitating Doji formations and clear bearish patterns. There are no signs of a bullish reversal yet. Would appear the bear could control a little while longer until we see a shift in candlestick analysis.
