The New Zealand dollar initially fell during the course of the day on Tuesday, but found enough support below to cause a bit of a bounce. This bounce
The New Zealand dollar initially fell during the course of the day on Tuesday, but found enough support below to cause a bit of a bounce. This bounce ended up forming a hammer during the course of the session on Tuesday, which of course is a bullish sign. We think that perhaps an attempt to reach the 0.80 level will happen, as we retest that area for resistance. We still believe that this market will continue to go lower, and therefore we are looking at that kind of move as simply an opportunity to sell at higher levels. On the other hand, if we break down below the bottom of the hammer, we think that is a sell signal as well.
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.
