NZDUSD Technical Analysis - Hammer Candlestick Pattern Offers Bullish Reversal Signal

NZDUSD may have reached a turning point with a Hammer formation offering a sign of hope for the bulls. An ensuing up-day and close above the 0.8400 hurdle would be required to signal the potential for a more sustained recovery for the pair. Yet skepticism over a bounce may be warranted given the backdrop of a pronounced downtrend on the daily.

Hammer Offers Sign of Hope To The Bulls

A bounce off the 0.8312 floor has yielded a a Morning Star pattern which signals a shift in sentiment for the pair. The leap over the 0.8343 hurdle opens the potential for a run on the psychologically-significant 0.8400 handle.

Bullish Pattern Emerges In Intraday Trade