This market's current condition is clearly bearish
, so if you're bearish
and want to stay short, I'm fine with that. However, I'm afraid you can't expect much to the down side any more. Price has been following the down fork
but with every new low it made very little progress. And now it may be in the process of forming a higher low and continuing the correction. Certainly, it's not the best market to bet on the kiwi's weakness, but there's a high risk involved in going short here now. The last major swing down hasn't retraced by 38.2% yet, so this kind of retracement is quite a likely scenario. So, those who want to go long have a nice place for their stops below the recent swing low; although a long position would be going against the trend, which means one can't expect too much traction to the up side from this point.
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell. Rather, you should use the information only as a starting point for doing additional independent research, your own due diligence, in order to allow you to form your own opinion regarding trading decisions. No assumption should be made in relation to the performance or accuracy of the methods shown. No claims are made as to the success or profitability of any of my posts.