There is decreasing volatility in this pair and a triangle is forming.
The Daily/Weekly timeframes are trending downwards and so I am leaning towards a bearish position.
I expect an attempt to breach 107, at which point I will be watching closely for a low risk short.
Price has broken below recent support around the 0.66500s
It has begun to retrace, giving a possible bearish continuation trade because:
- Former support should act as resistance
- 50% Fib level and 50EMA bringing confluence
- ADX above 20 and rising suggesting strength
Price has recently broken out of consolidation to the downside.
Price has now retraced to retest former support, which I anticipate acting as resistance. There is confluence with the 38.2 fib and the 20EMA.
~1:1 RR for conservative targets at $62 - $62.20s
Full extension of the move could see a retest of the lows from 12/06 around the $59.40s
I am looking for a long trade at current prices.
The 2-period RSI is overbought
Price recently broke out above, and is now retesting dynamic support on the 50EMA
A bullish inside bar has formed
Conservative targets at 108.4 - 108.5 range
NB: The daily and weekly candles suggest the longer term trend is bearish
Last week saw only bearish momentum on this pair, culminatiing in a strong bearish candle for the week.
Price has been trapped in a range for some months now, and a potential low risk range based trade has setup as price closed for the week right at support. However, I feel the better trade idea is to get short in anticipation of a bearish breakout.
Price has finally broken out of the recent 2-week range, following a false break of support.
The buyers stepped in very strongly, breaking and closing above resistance at 112.886.
Price has now retraced some, and is retesting former resistance which I now expect to act as support. There is almost confluence with the 38.2% Fib level. I am watching for bullish...
Price has tested the September 18th swing low, an ideal spot for some short covering and profit taking!
Current price action (congestion) married with the RSI coming out of oversold conditions, as well as the ADX being at an extreme value and slope gradient, gives me confidence in taking a low risk buy trade.
Target: 61.8% Fib level confluence with previous...
Price has stalled at the 61.8 Fib level, where there is some market structure.
IF price should begin to retrace, I will be watching the $78.70 level for a retest, and then continuation of the bear trend.
Targets are whatever the previous low is, with 2nd targets at the $70.30 level which has several confluence factors.
Kiwi has recently pulled back after breaking to new lows, maintaining the bearish trend of lower highs, lower lows
However, price is not yet overbought, nor has it reached my preferred (As sen on chart) level of resistance.
Once there, I will watch for signs of a reversal...conservative 1st targets at the 38.2% Fib level, with a possible runner looking for the...
Arrows on the chart highlight former turning points in the market.
After falling into a zone of previous congestion, price looks like it may break out higher.
However, with conditions entering overbought territory on the RSI and a weak reversal pattern on the ADX-DMI, I am looking to sell if the shorting conditions are met.
The current move up looks strong, so...
Price Action has almost formed a Double Top at the 61.8% Fibonacci level of the Dominant down swing.
RSI is showing divergence
ADX and DMI- beginning to slope upwards and almost above 20
Should a proper test of resistance fail with a bearish candle, a short opportunity will be presented.
Target on chart.
Following a Double Top, price recently broke and closed below the last swing low.
Price has now retraced to test broken support and the 50% Fibonacci level, with bearish candles appearing.
ADX is holding steady above 20, and the RSI is not oversold.
A decent short opportunity has presented itself, with decent RR on offer (1.8R on first target, 3R on 2nd target).
On higher timeframes (weekly/daily) bearishness has begun to creep in with two bearish days to close out the last week
A new trend has formed on the hourly
Looking for bearish continuation, there is previous support which aligns with the 38.2% Fibonacci level
If price retraces (and it looks like it is), then the rectangle highlights the zone of interest to watch...
A gentle pullback has tested minor support
An inside bar pattern at support appears to have failed to follow through on a break of support
Price is reversing with some strength and will have trapped any bears that went short on the break
Good RR on a long, targeting the most recent highs at
Price has broken out of a multi-month range. After falling for several days, price has retraced and is now retesting a zone of former support.
If classic technical analysis holds true, support should now turn to resistance and price should be hold and then fall from this area.
However, the ADX is looking a little weak and is slopin downwards, so any bearishness...
This pair has been ranging for weeks now, but recent price action has created a triangle formation with price grinding along resistance.
I expect a bullish breakout, targeting fib extensions 127% and 168.1%.
10, 20 and 50EMAs sloping upwards
ADX sloping upwards and above 20
RSI barely overbought