Wednesday, July 4, 2018
Possible hammer formation on the NZD/USD
The
hammer is a bullish reversal Japanese candlestick pattern. On the weekly chart
of the NZD/USD we can see that the price fell to the 0.6700 level and bounces
to the upside, leaving behind a hammer formation. On the daily chart of the
Kiwi at the left hand side of the image we can see that the price has been
falling from the 55 day EMA to the 0.6700 level and forms what it appears to be
a double bottom formation. Both, the hammer and the double bottom patterns are
bullish reversal patterns. Therefore, we have a high probability of seeing the
NZD/USD retracing to the upside. Above the 0.6800 level, its next resistance
could be the 0.6900 level, but the 0.7000 level could also act as resistance.
On the other hand, if the price continues dropping, then the pair may reach the
0.6600 level.
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ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteGood post!
ReplyDeleteI'll keep your assessment in mind.
ReplyDeleteVery good analysis.
ReplyDeleteThank you for pointing this out.
ReplyDeleteThat's good to know, thank you.
ReplyDeleteSpot on analysis.
ReplyDelete