The New Zealand dollar fell initially during the day on Tuesday but found enough support near the 50% Fibonacci retracement level to turn things around
The New Zealand dollar fell initially during the day on Tuesday but found enough support near the 50% Fibonacci retracement level to turn things around and form a hammer. That of course is a bullish sign, and a break above the top of the candle during the day should send this market looking for the 0.7250 level above. I think we will eventually reach towards the 0.7350 level also, but pay attention to the commodity markets as the New Zealand dollar seems to be a general barometer of how things are going over there. The higher they go, the higher this pair goes.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
