The New Zealand dollar fell rather drastically during the course of the day on Tuesday, slicing through the bottom of the hammer that had formed on
The New Zealand dollar fell rather drastically during the course of the day on Tuesday, slicing through the bottom of the hammer that had formed on Monday. That being the case, it looks as if we are testing serious support below, and if we can break below the 0.72 level, I feel at that point in time that we will break down rather significantly. Any rally at this point in time will more than likely struggle with quite a bit of resistance, and an exhaustive candle could also be a selling opportunity. Now that we are broken down below the bottom of the hammer, it shows real weakness.
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.
