Trader_97

KIWI/DOLLAR MEDIUM TERM TRADE IDEA

FX_IDC:NZDUSD   NEW ZEALAND DOLLAR / US DOLLAR
14 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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