This pair has broken out of consolidation from a previous rectangle to the downside. It has been forming a nice downtrend with lower highs and lower lows. Price has tested downward sloping resistance and formed a nice shooting star followed by a bearish engulfing. There also seems to be an area of interest which may be support turned resistance. The Kiwi dollar is also not holding up so well and has been in a downtrend against the USD. Finally, to confirm, stochastic is practically in oversold conditions with a possible crossover occurring.
Trade closed: target reached:
Great setup, price action analysis combined with support and resistance lines proved to be accurate. Price bottomed out around the key support area. Smooth trade.