By FXEmpire.com
The NZD/USD pair initially fell for the session on Monday, perhaps as Asians reacted to the poor nonfarm payroll numbers out of the United States. However, by the end of the day we saw a bounce that formed a hammer in this market.
While it does look bullish at the moment, we still think that the 0.80 level will need to be firmly overcome in order to go long at this point. With all the headline risks out there, we feel that this market will more than likely suffer in the long term. Sadly, and will have very little to do with New Zealand itself and more than likely to do with something coming out of Europe. With this being said, we need to see a clearance of the 0.8050 level in order to be comfortable going long. A break of the bottom of the hammer from the Monday session would of course be a very bearish signal that we would sell.
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Originally posted here
