Kiwi index is approaching its support at 6.9441 (61.8% Fibonacci extension , horizontal swing low support, 61.8% Fibonacci retracement ) where it could potentially bounce to its resistance at 7.0079 (38.2% Fibonacci retracement , horizontal swing high resistance). Stochastic (89, 5, 3) is approaching its support at 4% where a corresponding bounce could occur....
Good opportunity to short the Kiwi on a Fibonacci Retracement level of 50%. There are both fundamental and technical indicators for this! Please check my previous analysis below for more details. I have added a downward channel where price has so far achieved an ABCDE triangle pattern. Im not an expert on Elliot waves but my guess is a 3rd wave correction is...