What else could be happening??

Good Afternoon Dynamic Traders,

A brilliant day today with awesome weather, so fingers cross it can last the rest of the week!!

Yesterday I gave you 3 possibilities of what price might be doing and today I am going to try and assist you further with some deeper analysis.
In the day chart below you can see that I have marked out a trend line. This trend line is very strong as it has proven itself 5 times now. This trend line is also one of the reasons for holding price back from reversing with the 123 top, but it doesn’t mean that price can’t reverse, because we still have divergence from the MACD.














If price does reverse then we will need to wait for a BOB for the downside and get ready to act on it. However if price should continue to climb you have a couple of choices available. The conservative choice would be to wait till price has broken 0.6600, as this is where price failed previously.
The second choice is slightly more aggressive and would also involve a little more work. If you take a look at the 4 hour chart below you can see that price is currently being squeezed by 2 trend lines, the previous trend line I spoke about and a downward trend line. You can wait here to see what action price will take and follow it depending on whether price breaks above or below!














Because the Kiwi is showing signs of some confusion, SM would wait to take action rather than predict what is going happening and risk losing money.

Happy Trading

Richard Monnery