The New Zealand dollar initially fell during the day on Friday but found enough support below the 0.70 level to turn things around and form a hammer.
The New Zealand dollar initially fell during the day on Friday but found enough support below the 0.70 level to turn things around and form a hammer. However, the weekly candle is a shooting star so I think we are witnessing more bearish pressure than bullish. If we can break down below the bottom of the hammer from the Friday session, I think that the market will reach towards the 0.69 handle. However, if we can break above the shooting star from the Tuesday session, the market will then reach towards the 0.72 handle above.
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.
