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NZD/USD Bullish Reversal Pattern Opens Door To Recovery

NZD/USD Bullish Reversal Pattern Opens Door To Recovery

David de Ferranti, Currency Analyst

Talking Points

  • 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

NZD/USD Bullish Reversal Pattern Opens Door To Recovery

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

NZD/USD Bullish Reversal Pattern Opens Door To Recovery

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

By David de Ferranti, Currency Analyst, DailyFX

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