Mihai_Iacob

NzdUsd- Reversal after inverted hammer?

Long
FX:NZDUSD   New Zealand Dollar / U.S. Dollar
Since the high of around 0.64 back in mid-July, NzdUsd dropped hard losing around 500 pips of its value also dropping under 0.6070 horizontal technical support.
A new low was made at the end of August, followed by a new one at the beginning of September.
However, this new low is very close to August one suggesting a lack of power from bears.
Friday's candle is an inverted hammer, also suggesting the possibility of a correction.
I'm bullish NzdUsd as long as 0.5850 is intact and I'm looking to buy dips.
The target could be represented by a test of the broken support.


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