By: Colin Jessup
The Kiwi has been making higher lows combined with Higher highs for the last 3 days, possibly indicating a break-out to the downside. The pair has had a difficult time holding above 0.8200 with the Weekly Pivot is sitting at 0.8179, and has spent equal amounts of time above and below this level, in a range of about 250 pips for the entire month of March and April. The key level for a break lower is 0.8125, which a close below on a daily time frame should confirm the Bearish momentum. If we cannot close below this level before the markets close we may have to wait until next week. However, a close back above 0.8200 could also act as confirmation that the momentum is once again turning Bullish and a test of the 60 day high would be likely at 0.8317. Support to the downside is at 0.8100 and 0.8071 with Resistance above at 0.8175 and 0.8220.
Happy Trading