Kiwi / USD Update Monday 12/03/2012 18:28hrs

This pair is just not moving moving right now.

Technically the trade is still valid but as there is such a lack of momentum I will remove the order and look at price action tomorrow morning.

Chart below

 

Have a good evening

Regards

MD

KIWI / USD Update Monday 12/03/2012 11:43hrs

Kiwi / USD has not pulled back to my entry level as yet.

There is little news today and the USD does not seem to be doing much.

My levels are still valid for now and my order remains in the market, as we may get the pull back we are looking for during the US session.

I will continue to monitor price action, however should we see a new low through 0.8135 then I will remove the order to open (OTO) and look for a better set up else where.

Chart below

Regards

Mad Dog

Kiwi / USD SHORT Monday 12th March 2012 07.02hrs

Kiwi / USD has been trending up on a 4 hour hour chart but in recent days has broken support and made a new low.

Price has retraced back 50% of this move and has resisted twice at the Daily 20 EMA.

4 Hour chart below.

 

Following this resistance (double top) a shorter term silver cross and a further break of support has taken place on the 60 minute time frame.

Below is a 60 minute chart showing the Double Top formation (Green Line)

Break of trend line support (Red Line)

60 Minute chart below

 

I am looking to short this pair at the following levels if I get a pull back to make the risk reward acceptable.

Entry: 0.8205

Stop: 0.8240

Target: 0.8030 (5%)

I will update you if the trade is triggered and when I move the stop loss.

Regards

Mad Dog

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Regards

Scott