The New Zealand dollar fell initially during the day on Wednesday, but found enough support at the 0.70 level to turn things around and form a hammer.
The New Zealand dollar fell initially during the day on Wednesday, but found enough support at the 0.70 level to turn things around and form a hammer. This suggests that there is going to be a certain amount of consolidation in this area, and thus I’m going to stay on the sidelines. However, short-term traders could go back and forth between the 0.71 handle on the top and the 0.70 level on the bottom. Until we break out of this area, it’s can be difficult to trade this market for anything more than a short-term scout.
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.
