Friday, June 22, 2012

Kiwi / USD Friday 22nd June 2012 07:01hrs

Kiwi / USD

This pair has been in a down trend on a daily chart.

Chart below:



Price has been in a mid term uptrend for the past month from the double bottom level of 0.7450.

Price has pulled back to 0.7980 the 61.8% Fibonacci level from the last swing move. High of 0.8116 to a low of 0.7450.

Chart below:

 


The trend line support has been broken and price has made a move through the averages and pivot points.

I am looking to enter a short position on a pull back to the trend line and the averages

Levels and Chart below:

Entry: 0.7910

Stop: 0.7960

Target: 0.7660

 


I will update later if the trade is triggered.

Best Regards

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