This pair is interesting because when we look on the monthly we observe a very strong Kiwi since September. In October price literally sliced through the weekly SSB,which is a strong level. This past week price went up again and tested the SSB with rejection (Friday's daily red candle was the rejection). If we go to the weekly the kijun is above the tenkan (Bearish signal) after making a cross over (not reliable signal alone but as a confluence factor can be powerful). The weekly path for price is clear with no strong support in sight. The first support zone is around the 1.05100 zone where the monthly kijun/tenkan is,so that will be our target. The lack of any obstacles for price means we could see a big drop this coming week.
Trade taken on daily with 2 positions:
Entry: 1.0710
SL : 1.0762
TP1: 1.0602 (R-2.02)
TP2: 1.0510 (R-3.85)
Trade taken on daily with 2 positions:
Entry: 1.0710
SL : 1.0762
TP1: 1.0602 (R-2.02)
TP2: 1.0510 (R-3.85)
Trade closed manually:
We are almost there and we jump out!
