The New Zealand dollar initially fell in value during the session on Monday, but found enough support near the 0.6550 level to turn things back around and
The New Zealand dollar initially fell in value during the session on Monday, but found enough support near the 0.6550 level to turn things back around and form a strong hammer. This market looks as if it is ready to head back towards the 0.6750 level, but this is a countertrend move, something that we do not like participating and if we can avoid it. With this, we will simply wait to see if there is exhaustion at higher levels that we can start selling as it goes with the longer-term trend.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
