Is the Kiwi Setting Up for a Push Lower?

The NZD has been on a downward trend for a while now. I’ve been looking to get short wherever possible, however over the last couple of s

Written by: Dime Levov • Thursday, September 7, 2017 • 1 min read

• Last updated: Thursday, September 7, 2017

The NZD has been on a downward trend for a while now. I’ve been looking to get short wherever possible, however over the last couple of session it has show a little bit of strength.

There has been a key downtrend that I’ve had my eye on that appears to be holding up well. We tested it and price couldn’t seem to hold on. As it stands we’re hovering around the important 72 cent mark.

Kiwi

Break Below 72 Cents

For the time being 0.7200 is acting as support. On the 240 min chart we can see that there has been an attempt to push lower, but the candle looked quite bullish on the close. If we are able to break below and hold, I’m going to be looking to go short and see if we can ride this into 0.7150 and potentially through the lows.