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.