Last few weeks we have seen strong moves from Euro kiwi, price breaking weekly resistance 1.7200 level and confirming it with a retest and a rejection. Last week price closed above 1.7400 level which has been a key reversal level in the past, not to mention these endless failures to close daily above 1.7400 previously shows that the previous weekly close has bullish written all over it. Now possibly targeting 1.7700 Monthly key level from here onwards.
Again looking to enter at a pullback and rejection of 1.7400 broken resistance, to confirm as new support or fibonacci retracement levels if we see a bearish candle on daily chart.
Targeting 1.7700 level. Stops 10-30 pips below support or previous higher low levels.
Again looking to enter at a pullback and rejection of 1.7400 broken resistance, to confirm as new support or fibonacci retracement levels if we see a bearish candle on daily chart.
Targeting 1.7700 level. Stops 10-30 pips below support or previous higher low levels.
Comment:
Entered long upon the retest of 1.7400 level and a morning star formation on 1h chart. Targeting 1.7700 from here onwards.
Comment:
Definately was a stupid idea to enter upon a 1h chart pattern, so I withdrew and took a small loss as i felt it might go against me. Now looking for daily close and to reanalyse the potential bias going forward. If we see daily closing as a shooting star, it might indicate a stop hunt to take out the previous wick and potential for downside move.
Comment:
Potential reversal to take place on thursday morning when Business confidence data coming out in New Zealand. Hoping to see some clear signs of whats to follow in order to make the final decision on my bias for a trade.