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NZD/USD Hammer Pattern Awaiting Confirmation Near 0.8500 Barrier

NZD/USD Hammer Pattern Awaiting Confirmation Near 0.8500 Barrier

2014-07-31 11:49:00
David de Ferranti, Currency Analyst
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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

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

NZD/USD Hammer Pattern Awaiting Confirmation Near 0.8500 Barrier

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

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

NZD/USD Hammer Pattern Awaiting Confirmation Near 0.8500 Barrier

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

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