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.
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.
