Setback for the Kiwi, or Was it??

Morning Dynamic Traders

Were you able to see where price was going? I left you some food for thought yesterday, and today I will go through the signs we had for where price could be going!

In the hour chart below I marked some of these signals. When price was heading down we had convergence from the MACD giving us a warning that price would changing direction. With the buy signal from the MACD and price hitting a support line we had a clearer indication where price could be reversing. As you see price increased quite rapidly and then price took a breather and then climbed after it hit support at a RN.

So what’s going to happen next? Depending on today’s performance, it looks like we might be having divergence on the MACD, also price this morning is struggling at a RN, so will price drop??

Happy Trading

Richard Monnery