- NZD/USD Technical Strategy: Sidelines Preferred
- Hammer Confirmation Suggests Potential For Gains
- Clear Break Above 0.8500 To Open Run On 0.8650
NZD/USD’s cautious recovery has continued in the wake of a Hammer formation on the daily. The bullish reversal pattern alongside the reclamation of the 0.8500 US cent handle suggests the potential for further gains. The next definitive level is some distance away (0.8650), however expect some sellers to emerge at psychologically-significant figures like 86 US cents. Some skepticism for a push higher may also be warranted given the short-term downtrend remains in force.
NZD/USD: Hammer Sees Kiwi Recover Ground
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
The four hour chart highlights a sustained struggle amongst traders between 0.8480 and 0.8515. Several short sessions do little to inspire confidence in the idea of a sustained recovery for the Kiwi. A break above 0.8515 over the session ahead would open the 0.8570 mark.
NZD/USD: Struggling To Reclaim Lost Ground
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
Follow David on Twitter: @Davidde
To receive David’s analysis directly via email, please sign up here.
Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.
Forex FundamentalsAs the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
EconomicsOne particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
ForexBreaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
InvestingAccess to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
EconomicsSouth Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Forex EducationPeer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
ForexHere is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
EntrepreneurshipA brief overview of the top apps that help forex traders with on time information, charts and more.
Investing BasicsVirtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
Forex NewsWhen it comes to forex, some types of "fixes" are legal. But some really aren't.
- No results found.