The New Zealand dollar initially fell during the week but turned around to form a massive hammer at the 0.73 level. The New Zealand dollar had recently
The New Zealand dollar initially fell during the week but turned around to form a massive hammer at the 0.73 level. The New Zealand dollar had recently broken out, extending towards the 0.75 level. We have pulled back from there but this hammer tells me that the buyers are willing to step back in and perhaps start buying again. I don’t have any interest in shorting this market, I believe there is more than enough support below at the 0.7250 level in many other levels so I think the market has already shown its hand, and where it wants to go. If we can break above the 0.75 level, the market should continue to go much higher.
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.
