Technically, I expect the Kiwi to strengthen going forward. In the weekly and the , it is hard to ignore the sell signal with a bear divergence pattern in play. Also note that this week’s could be a confirmation of an pattern at the shoulders of a pattern. Week ending October 23 ended as an so that is good for bears especially after last week’s bear confirmation. Secondly, the is testing the 20 period MA and the probability of breaking below the support is high given the bear momentum in the .
I will trade as follows:
Stop Loss: 1.70
Take Profit: 1.58
Have a good trading day.
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