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