As the Russia-Ukraine headlines worsen the market mood, we witnessed rejections of the $0.67 area during last week trading session to impose a shadow of doubts on the potential of the Kiwi going into the new week. However, with current technical structures; I suspect that the acceptance of above the $0.6700 might give a sense of comfort to push the price higher in the coming weeks with $0.66500 serving as a baseline for the formation of a new trend.
Tendency: Uptrend (Bullish)
Structure: Supply & Demand | Trendline | Reversal pattern (Double Bottom)
Observation: i. For over a year now, the Kiwi has been on a downward spiral as it dropped 12.5% against the USD.
ii. If we look at the weekly chart, we will notice that price came back to a significant demand level around $0.655 late in January 2022 which was immediately followed by bullish momentum.
iii. Hence, I have projected a potential trendline (bullish) on the chart to guide us in taking advantage of a bullish momentum if it eventually happens in the coming week(s).
iv. A breakout/retest of the key level at $0.67500 should present an opportunity to add to our existing position.
v. Please note that the bullish trendline projected on the chart is serving as our yardstick as any break below will render the narrative invalid... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:4
Potential Duration: 7 to 20 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Uptrend (Bullish)
Structure: Supply & Demand | Trendline | Reversal pattern (Double Bottom)
Observation: i. For over a year now, the Kiwi has been on a downward spiral as it dropped 12.5% against the USD.
ii. If we look at the weekly chart, we will notice that price came back to a significant demand level around $0.655 late in January 2022 which was immediately followed by bullish momentum.
iii. Hence, I have projected a potential trendline (bullish) on the chart to guide us in taking advantage of a bullish momentum if it eventually happens in the coming week(s).
iv. A breakout/retest of the key level at $0.67500 should present an opportunity to add to our existing position.
v. Please note that the bullish trendline projected on the chart is serving as our yardstick as any break below will render the narrative invalid... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:4
Potential Duration: 7 to 20 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
