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NZD/USD Hammer Candlestick Offers Hopes For A Corrective Bounce

NZD/USD Hammer Candlestick Offers Hopes For A Corrective Bounce

2014-08-27 11:49:00
David de Ferranti, Currency Analyst
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Talking Points

  • NZD/USD Technical Strategy: Sidelines Preferred
  • Hammer Candlestick Pattern Offers Bullish Reversal Signal
  • Climb Over 0.8400 Needed To Suggest A Sustained Recovery

NZD/USD may have reached a turning point with a Hammer formation offering a sign of hope for the bulls. An ensuing up-day and close above the 0.8400 hurdle would be required to signal the potential for a more sustained recovery for the pair. Yet skepticism over a bounce may be warranted given the backdrop of a pronounced downtrend on the daily.

NZD/USD: Hammer Offers Sign of Hope To The Bulls

NZD/USD Hammer Candlestick Offers Hopes For A Corrective Bounce

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

A similar narrative to the daily is evident in intraday trade on the four hour chart. A bounce off the 0.8312 floor has yielded a a Morning Star pattern which signals a shift in sentiment for the pair. The leap over the 0.8343 hurdle opens the potential for a run on the psychologically-significant 0.8400 handle.

NZD/USD: Bullish Pattern Emerges In Intraday Trade

NZD/USD Hammer Candlestick Offers Hopes For A Corrective Bounce

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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