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24 Jun 2017
AUD/NZD lurched lower and hesitated
A harami cross pattern unfolded on the AUD/NZD daily chart turning the intermediate trend from bearish to neutral.
The pattern occurs within the context of deteriorating prices unfolding with the daily stochastic (14,3,3) tracking below 20. From here on, this oscillator could easily react with any future close near the highs, especially since yesterday's trading range formed a doji line on the chart. Highlighting the lack of trendiness is the 1-hour ADX indicator which dipped below 30 in today's trading.
Note the harami cross is considered a more potent reversal than the regular harami.
The pattern occurs within the context of deteriorating prices unfolding with the daily stochastic (14,3,3) tracking below 20. From here on, this oscillator could easily react with any future close near the highs, especially since yesterday's trading range formed a doji line on the chart. Highlighting the lack of trendiness is the 1-hour ADX indicator which dipped below 30 in today's trading.
Note the harami cross is considered a more potent reversal than the regular harami.