Kiwi Remains Under Pressure and Vulnerable to the Downside

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
186 0 0
A look at the bigger picture shows the Kiwi under pressure and vulnerable to further downside moves. This analysis is on a monthly chart and therefore does not address excursions on the shorter times. The kiwi is oversold on every time frame from the monthly to the 4 hr             charts and would suggest we are due for a pullback however pullbacks so far have been shallow at best. I haven't seen the Kiwi this oversold since tomorrow! Trends can go for a lot further and longer than what we think. So while the Kiwi is oversold and due for a pullback it could very well be another shallow one and provide opportunity to sell. The next level of support appears to be 0.5800ish.
We have a confluence of support at this level; we have a 61.8% (0.5793) fib retracement drawn from the 2000 low at 0.3909 to the highs at 0.8841. We also have a 76.4 4% (0.5822) fib retracement drawn from the post financial crisis in March of 2009 at 0.4890 to the highs at 0.8841. And if we look at the last move up ( 0.7686 to 0.8841) before developing its current downtrend we can easily see we have already broken the 1.272% and the 1.618% levels and are currently eyeing the 2.618% level at 0.5798.
We are also approaching a 15 year rising trend line at about these same levels. Lastly we have confirmed a double top (0.8841) following a break of its neckline at 0.7370 bringing a measure move to 0.5899.
Sell into rallies!
United States
United Kingdom
Việt Nam
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out