Kiwi: Double bottoms: Should we buy at this level ?
I see a double bottom pattern on the chart,NZDUSD rejected the low at 0.6240 and trade in a range between 0.6400- 0.6240
Kiwi is trying to brreak the long term bearish trend line.
Strong resistance at 0.6400
The question on the table now: Should we buy Kiwi at this level ?
That is a tough question.
- Commodity price is still vulnerable.
- China economy is under pressure and try to find a better way to solve its trouble.
- FED 'lift-off'
- Dairy product payoff increcased
Many questions need to be answerred : Very difficult to trade NZDUSD.
I think the best way is patience : Wait until Kiwi break the range: 0.6400 or 0.6240 .
In the circumstance of low market appetite: The best way to do is WAIT.
Kiwi is trying to brreak the long term bearish trend line.
Strong resistance at 0.6400
The question on the table now: Should we buy Kiwi at this level ?
That is a tough question.
- Commodity price is still vulnerable.
- China economy is under pressure and try to find a better way to solve its trouble.
- FED 'lift-off'
- Dairy product payoff increcased
Many questions need to be answerred : Very difficult to trade NZDUSD.
I think the best way is patience : Wait until Kiwi break the range: 0.6400 or 0.6240 .
In the circumstance of low market appetite: The best way to do is WAIT.