News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Wall Street are at opposite extremes with 71.30%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/EnXWWQT0l2
  • Bank of Japan: -ETF and J-REIT purchases will be near 12 trillion yen and 180 billion yen, respectively -10-year JGB yield target will stay near zero through necessary purchases of JGBs - QQE w/yield curve control will continue with aim of 2% price stability target $USDJPY
  • Bank of Japan: - 10-Year JGB yield target remains at near 0% - BOJ will purchases ETFs and J-REITs to where outstanding amounts will rise near 6 trillion yen and near 90 billion yen, respectively $USDJPY
  • Heads Up:🇯🇵 BoJ Quarterly Outlook Report due at 03:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-21
  • Heads Up:🇯🇵 BoJ Interest Rate Decision due at 03:00 GMT (15min) Expected: -0.1% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-01-21
  • While the US Dollar has been holding its ground, its downside bias against the Singapore Dollar, New Taiwan Dollar Thai Baht and Indonesian Rupiah remains intact as it hovers at support. Get your market update from @ddubrovskyFX here:https://t.co/p7gAztWuVG https://t.co/ZbRWt3Q1zP
  • Gold price appears to hit an immediate resistance at US$ 1,870 - where the 76.8% Fibonacci retracement intercepts with the 20-Day SMA line. https://t.co/0loOBMnFSu
  • Wall Street Futures Update: Dow Jones (+0.05%) S&P 500 (+0.16%) Nasdaq 100 (+0.45%) [delayed] -BBG
  • The Hang Seng Index looks set to extend gains beyond the 30,000 mark, hitting a fresh 20-month high. Will it succeed? https://www.dailyfx.com/forex/market_alert/2021/01/21/Nasdaq-Hits-Record-High-as-Biden-Takes-Office-Hang-Seng-Eyes-30000.html https://t.co/rh5X6ViWFg
  • The US Dollar may be finding a turning point against ASEAN currencies as smaller fiscal stimulus bets, soft earnings risk and Covid cases translate into some capital flight from equities. Get your #ASEAN currencies market update from @ddubrovskyFX here:https://t.co/F3uz5GHMSd https://t.co/8FdxQnP08U
Forex Strategy: NZD/USD Bulls May Make Another Run Post Hammer Candle

Forex Strategy: NZD/USD Bulls May Make Another Run Post Hammer Candle

David de Ferranti, Currency Analyst

To receive David’s analysis directly via email, please SIGN UP HERE

Talking Points

  • NZD/USD Technical Strategy: Pending short
  • Hourly chart hints at continued bounce post Hammer formation
  • Nearby range top on the daily leaves the Kiwi at a critical juncture

The hourly chart for NZD/USD is hinting at a corrective bounce higher, given a Hammer candlestick formation and break above resistance at 0.8376. However, in the context of a continued range for the pair which is demonstrated on the daily, a rally would be seen as an opportunity to enter new short positions.

Critical resistance for the Kiwi remains at the 0.8400 level, which has been breached during intraday trade recently, yet a lack of conviction amongst traders has been unable to keep prices above the mark until the close. This leaves the pair at a critical juncture in the coming week, if the bulls make another run at the range top and we see daily close above 0.8400 it would suggest a breakout and offer a firm bullish bias.

Confirm your chart-based trade setups with the Technical Analyzer.

Forex_Strategy_NZDUSD_Bulls_May_Make_Another_Run_Post_Hammer_Candle_body_Picture_2.png, Forex Strategy: NZD/USD Bulls May Make Another Run Post Hammer Candle

Hourly Chart (Times in AEDT) - Created Using FXCM Marketscope 2.0

Forex_Strategy_NZDUSD_Bulls_May_Make_Another_Run_Post_Hammer_Candle_body_Picture_1.png, Forex Strategy: NZD/USD Bulls May Make Another Run Post Hammer Candle

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM

Contact and follow David on Twitter: @Davidde

New to FX? START HERE

For live market updates, visit the Real Time News Feed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES