Trader_97

KIWI/DOLLAR MEDIUM TERM TRADE IDEA

FX_IDC:NZDUSD   New Zealand Dollar/U.S. Dollar
15 0 1
WE GOT A POSSIBLE HAMMER FORMATION UNDERWAY HERE.HOWEVER THE OVERALL TREND HERE REMAINS BEARISH .ALSO THE PRICE CONTINUE TO TRADE BELOW THE 100 DAY SMA AND 50 DAY EMA . THE IDEA CONSISTS OF TWO SCENARIOS. WHERE WE COULD CONTINUE HIGHER FROM HERE AND SEE A REVERSAL FROM THE 38.2% FIB RETRACEMENT LEVEL. IN THE SECOND SCENARIO WE MAY EXPECT A BREAKOUT FROM THE TREND CHANNEL AND A MOVE ALL THE WAY UPTO THE 61.8% RETRACEMENT LEVEL BEFORE THE DOWNSIDE RESUMPTION.KEEP IN MIND THE 61.8% RETRACEMENT AREA IS ALSO VERY CLOSE TO THE T.L RESISTANCE FORM 15TH OF OCTOBER 2015.
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