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NZD/USD forecast for the week of August 28, 2017, Technical Analysis
Updated: Aug 26, 2017, 06:36 GMT+00:00
The New Zealand dollar fell during the week, testing the 0.72 level, breaking below the bottom of a hammer from the previous week. This is a technically
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The New Zealand dollar fell during the week, testing the 0.72 level, breaking below the bottom of a hammer from the previous week. This is a technically negative sign, but we have not cleared the supportive level at the 0.72 handle. Because of this, I look at this market as one that will probably continue to be very choppy, and quite frankly I’m not interested in trading longer-term moves at this point. If we breakdown below the weekly candle, then I could consider selling. Alternately, if we break above the previous two candles on the weekly chart, then the market could go to the 0.75 handle. In the meantime, there is nothing to do.
NZD/USD Video 28.8.17
About the Author
Christopher LewisSenior Analyst
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.
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