NZD/USD Mounting Another Assault On 0.8400 Following Hammer Pattern
- 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
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
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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