NZD/USD Charts Potential Bearish Reference Candle

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the NZDUSD. Yesterday’s candle may be a bearish reference candle (blue arrow). I.e. a candle with lower highs on either side of it. If today’s candle closes below yesterday’s low (green horizontal) than it will give weight to the bearish candle scenario. The RSI(9) is below 50 and indicative of a bearish momentum (blue rectangle). Please note that New Zealand’s CPI q/q is due to be released at 10:45 pm GMT, so caution is advised. We continue to monitor.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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