A textbook Downtrend from a monthly Resistance zone 0.69152 sees the KIWI showing its horns against the greenback with signs of bullish momentum at Monthly Support 0.65127.
Daily candles indicate a rejection of price further to the downside of 0.65100 a turning point for the Kiwi Dollar
NZD$ Technical Analysis:
Moving Average/ fair price gauge:
1. Kiwi looks rich here at the lower 0.72 level which, significantly above the 3m and 12m which sit at 0.703 and 0.690 respestively, whilst the 1 trades at 0.711.
- However, going into RBNZ where they are expected to be dovish (discussed in detail in attached post), these MA levels fall nicely in line...
From now on we started to use 3 target level to achieve more pips.
We practically trade Harmonic with 3 confluence,
1. Pattern Formed
2. The price formed with the pattern at S/R zone.
3. Reversal Candle.
Now we have 2 confluence to Long this pair, waiting the 3rd confluence, Reversal Candle.
Will keep update on this trade.
Happy Trading~
