The NZD/USD pair fell initially during the course of the session on Friday, but bounced off of the 0.65 handle in order to form a hammer for the Friday
The NZD/USD pair fell initially during the course of the session on Friday, but bounced off of the 0.65 handle in order to form a hammer for the Friday session again. With this being the case, it’s only a matter time for this market bounces in our opinion, and therefore give us an opportunity to start going long for the short-term. We do not anticipate that the market will go above the 0.6750 level though, so at best this is a short-term trade. On the other hand, if we break down below the bottom of the hammers from the last couple of sessions, the market will probably go look for the 0.64 handle next.
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.
