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NZD/USD Edges Cautiously Higher With Hammer Formation In Its Wake

NZD/USD Edges Cautiously Higher With Hammer Formation In Its Wake

2014-08-05 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • 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

NZD/USD Edges Cautiously Higher With Hammer Formation In Its Wake

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

NZD/USD Edges Cautiously Higher With Hammer Formation In Its Wake

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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