NZD/USD Price Analysis: Signs of indecision, Thursday’s close pivotal

NZD/USD traded returned and forth on Wednesday, producing a Doji candle on the each day chart.

A Doji, with its lengthy wicks and the negligible physique representing a flat close, is viewed a signal of indecision in the market place. In NZD/USD’s case, the candle has seemed following a rally from 0.6589 to 0.7084 and suggests consumer exhaustion. The 14-day Relative Strength Index is echoing a comparable message.

As such, the pair appears susceptible to a pullback. The likelihood of a drawdown would amplify if the pair ends Thursday’s underneath Wednesday’s low of 0.7032.

Alternatively, a shut above Thursday’s excessive of 0.7084 would verify a bullish Doji continuation sample – a continuation of the uptrend from 0.6589.


Read Previous

Forex Today: Dollar licks its wounds as Biden cools on China, vaccine, stimulus and data eyed

Read Next

USD/JPY in downside consolidation around 104.50, US data, stimulus news eyed

Leave a Reply

Your email address will not be published. Required fields are marked *