- NZD/USD Technical Strategy: Sidelines Preferred
- Hammer Confirmation Suggests Potential For Gains
- Recovery Likely To See Sellers Emerge At 0.8600
NZD/USD continues to edge higher after a Hammer formation offered an early indication of a potential recovery for the pair. However, several short body sessions suggests some hesitation from traders. This warrants some skepticism over the potential for a sustained push higher, and suggests recent price action may simply be a corrective bounce. Sellers may look to emerge at the next psychologically-significant level at 0.8600.
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 by the New Zealand Dollar to reclaim some of its lost ground. Several short sessions do little to inspire confidence in the idea of a sustained recovery for the Kiwi. A break above 0.8570 would open the 0.8600 handle, while a close under the 0.8515 mark would set the scene for a decline to 0.8480.
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.
Investing NewsChina’s forex reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan
ForexAmid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
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.