Sforex

Kiwi: Double bottoms: Should we buy at this level ?

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
220 0 3
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.
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