How Weak Is The KIWI This Week?

The New Zealand Dollar has been losing a lot of strength these past weeks after achieving a new high of .74 and above. Upon review on a 4H time frame there are some key levels to realize. The nearest target price also the most magnetizing level being the .73116 for its reputation of price revisiting it quite often upon its rise and demise. When tested, we may see a breach to the upside and a continuation of the bullish momentum gained upon its open to test the .735 level and higher the .74 level. As unlikely as it may seem these levels should be considered. However we see a bearish trend on this pair and the .73116 level makes for a very attractive selling opportunity with our targets retesting the low of .72 and perhaps continue lower to .7125 level. The Kiwi needs a lot of bull momentum that it has lost over the past couple weeks to break through the resistance to surpass its previous high and continue higher. Which leads to the conclusion that we will be heading to lower levels unless proven otherwise. The levels provided provide for very attractive risk reward ratios being above a 2/1.

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