Hello Traders,
Technically, I expect the Kiwi to strengthen going forward. In the weekly and the daily chart, it is hard to ignore the sell signal with a bear divergence pattern in play. Also note that this week’s candlestick could be a confirmation of an Evening Star pattern at the shoulders of a Head and Shoulders pattern. Week ending October 23 ended as an inverted hammer so that is good for bears especially after last week’s bear confirmation. Secondly, the daily chart is testing the 20 period MA and the probability of breaking below the support trend line is high given the bear momentum in the daily chart.
I will trade as follows:
Sell: 1.68
Stop Loss: 1.70
Take Profit: 1.58
Have a good trading day.
For similar content, hit the like button and forex.today/rbnz-on-...sis-november-6-2017/ for more analysis
Technically, I expect the Kiwi to strengthen going forward. In the weekly and the daily chart, it is hard to ignore the sell signal with a bear divergence pattern in play. Also note that this week’s candlestick could be a confirmation of an Evening Star pattern at the shoulders of a Head and Shoulders pattern. Week ending October 23 ended as an inverted hammer so that is good for bears especially after last week’s bear confirmation. Secondly, the daily chart is testing the 20 period MA and the probability of breaking below the support trend line is high given the bear momentum in the daily chart.
I will trade as follows:
Sell: 1.68
Stop Loss: 1.70
Take Profit: 1.58
Have a good trading day.
For similar content, hit the like button and forex.today/rbnz-on-...sis-november-6-2017/ for more analysis