Kiwi's Hammer Pattern Awaiting Confirmation
Dailyfx | Jul 31, 2014 07:51AM ET
Talking Points
- NZD/USD Technical Strategy: Sidelines Preferred
- Hammer Formation Awaiting Confirmation Near 0.8500
- Break of Intraday Support at 0.8480 To Open 0.8400
The NZD/USD has posted a Hammer candlestick which if confirmed could yield a corrective bounce for the beleaguered currency. A successive up-day as well as a push above the psychologically-significant 0.8500 barrier would be required to validate the bullish reversal pattern. However, in the absence of confirmation the immediate risk remains to the downside, which puts the spotlight on the 0.8400 floor.
NZD/USD: Hammer Awaiting Confirmation
The four hour chart gives little weight to the idea of a corrective bounce for the Kiwi. A break of intraday support at 0.8480 alongside an absence of key reversal patterns would open the 0.8400 handle (visible on the daily).
NZD/USD: Lacking Reversal Signals Near Intraday Support
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.