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NZD/USD Mounting Another Assault On 0.8400 Following Hammer Pattern

NZD/USD Mounting Another Assault On 0.8400 Following Hammer Pattern

David de Ferranti, Currency Analyst

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

The Kiwi is making another assault on the critical 0.8400 barrier after a Hammer formation signaled the return of the bulls. A daily close over the critical hurdle would be required to suggest the potential for a more sustained recovery for NZD/USD. Yet some skepticism over further gains may be warranted given the backdrop of a pronounced downtrend.

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

NZD/USD Mounting Another Assault On 0.8400 Following Hammer Pattern

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

A Morning Star formation near 0.8343 offered an early hint at a reversal for the Kiwi. In a similar fashion to the daily, this leaves the pair poised for a run on the 0.8400 ceiling.

NZD/USD: Morning Star Offered Intraday Turning Point Signal

NZD/USD Mounting Another Assault On 0.8400 Following Hammer Pattern

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

By David de Ferranti, Currency Analyst, DailyFX

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