NZD/USD Slow Grind Higher Endures With Reversal Signals Lacking
- Strategy: Flat
- Bearish Reversal Signals Lacking On The Daily
- Hammer Awaiting Confirmation In Intraday Trade
NZD/USD continues to demonstrate resilience and has left a decent weekend gap in its wake. Such spaces are generally quickly retraced. Yet an absence of definitive reversal signals makes a more significant correction questionable. This would be required to shift the risks to the downside for a retest of the lows at 0.7650.
Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
A Hammer formation has emerged near the psychologically-significant 0.8000 handle on the four hour chart. The intraday timeframe should be monitored closely and confirmation of the reversal signal may herald an intraday retreat for the pair.
NZD/USD: Hammer Formation Awaiting Confirmation In Intraday Trade
Four Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here
By David de Ferranti, Currency Analyst, DailyFX
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