The NZD/USD pair initially fell during the week, but found enough support at the 0.64 level to turn things back around and form a hammer. The hammer of course is a positive sign, so having said that it’s very likely that the markets will trying to continue to consolidate. However, it is a very back-and-forth type of situation, so longer-term traders may be a bit hesitant to get involved. A break down below the bottom of a hammer though, that would be a very negative sign that we could start selling.
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