Looking back at the Kiwi

Good Morning Dynamic Traders

And what a morning it is today!! This is definitely a day for getting your soft top down and cruising the streets!!

As promised I will now go back to following the Kiwi this week.

For the last 2 weeks the Kiwi has been enjoying very healthy climb, but this morning is looking rather weak. So let’s have a look what price has been doing.

In the hour chart below I have demonstrated the healthy climb. I have gone back to the sudden jump that happen on the 18th March, which was huge. After the huge jump price came down and found help at Fib breather Level, price then increased and came across resistance at a RN. It began to fall until it hit another Fib breather Level. After it hit this breather level price was in a small range and was oscillating for roughly a day and half. You will notice that price was oscillating around a RN. Although price was in a range it did actually climb slightly what helped price to break out of the range was when price found support at a Fib breather level which assisted it on its way up. With the reversal candle stick formation price dropped and found comfort at another Fib breather level, then gave us a small climb before dropping again. You can from the chart the below that price dropped to yet another breather level, but it only showed us 1 hours worth of increase before it started to drop.

This was an ideal long term trade, and my analysis above would have been an insight of how to of managed the trade.

Tomorrow we will have a look what today has in store for us. Please make note of the divergence from the MACD, does this have any say in what happens today?

Happy Trading

Richard Monnery