As I pointed out in a previous post, the Kiwi failed to bounce of of support and breached the lower bound of the trend earlier this week. There was a brief correction which failed to break back above the trend line and was immediately followed by a drop back down to the swing low of the initial break. Then with strong US labor data we have a continuation of this downward price action further supporting the continuation of a bearish reversal breakout on this pair.
We've got ~70 pips to go before the next trend based support level!
We've got ~70 pips to go before the next trend based support level!
Comment:
Do note though, that the RSI on H4 and H1 show oversold or close to oversold conditions, so we may see a bit of consolidation and/or pull back before continuing through to the next support
