This is just a Technical Analysis
on what COULD happen on the Kiwi. I'm looking at Trading the Balance Area in EITHER direction. These Balance Area are typically areas where Smart Money is either Accumulating or Distributing Orders. I think given the Overall Bearish Trend
and the way this Pattern has setup it makes the most sense for a downside Breakdown, HOWEVER, I will only Trade it when I get a Break & Close out of the Balance Area for confirmation per my Trading Rules.
IF, we break to the downside then we will be forming the Right Shoulder of a Head and Shoulder Pattern, which would make Target #2 a higher probability of getting hit. Also, be prepared for a bounce on at Target #1's because there is structure there looking left.