Historical price action has been quite consistent and I see no reason otherwise for this to change at this time. Upside break of the weekly triangle should result in a re-test of resistance now turned support in which to initiate longs. I have longs at 0.8888 and at the aforementioned 0.9150 with a potential target of 0.9840.
In both previous cases a nice 700 pip rally was up for the taking before a sharp reversal took place. Therefore make sure to trail stops accordingly.
The sharp reversal low, also documented, looks like an excellent place to initiate longs once again. I prefer trading this pair long on the positive carry it will generate in addition to the capital gain. Also keep in mind that the Bank of Canada has just cut rates while kiwi rates remain buoyant on a strong economy.
A really peachy set-up!
In both previous cases a nice 700 pip rally was up for the taking before a sharp reversal took place. Therefore make sure to trail stops accordingly.
The sharp reversal low, also documented, looks like an excellent place to initiate longs once again. I prefer trading this pair long on the positive carry it will generate in addition to the capital gain. Also keep in mind that the Bank of Canada has just cut rates while kiwi rates remain buoyant on a strong economy.
A really peachy set-up!
