At the end of January, Kiwi was looking very toppy as NZD/USD pushed into a confluence of resistance.
Looking at the daily chart from back then, you can see price pushing into both trend line resistance as well as the horizontal zone. Both levels combined to cap further gains and as we said in that January blog post, the way price made a lower high AND lower low each time after capping out at resistance, was fairly telling.
The daily shows the confluence of higher time frame resistance we were talking about:
The hourly shows the confluence of higher time frame resistance holding, and price rejecting down from it.
From here, we have lower time frame, previous short term support turned resistance. Combined with higher time frame resistance, this is the obvious spot to short:
And finally, the 15 minute chart shows a further intraday level holding where an add on entry could look to be taken off and most importantly, risk managed around:
How are you looking to trade the Kiwi?
Open a live trading account with top Australian forex broker, Vantage FX and trade what you see!
Dane Williams – @VantageFX
Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by best forex broker, Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, forex news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and FX broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.