NZDUSD is struggling to reclaim lost ground with an absence of bullish
candlesticks casting doubt on a recovery. A Dragonfly Doji is emerging
on the daily, which may offer a sign of hope to the bulls. Yet the key
reversal pattern awaits confirmation from the close of the current
candle and a successive up-period before being confirmed. This leaves
the spotlight on the pair’s late February lows near 0.8260.
Struggles To Reclaim Lost Ground With Downtrend Intact
A similar narrative to the daily is present in intraday trade on the
four hour chart. Buying interest at 0.8312 has halted the pair’s descent
for now as a Bullish Engulfing pattern emerges. A leap over the nearby
0.8343 hurdle would be required to signal the potential for an intraday
bounce to 0.8420.
Bullish Pattern Emerging In Intraday Trade
