As the greenback gained v. majors this week, the Kiwi has formed a double bottom at a key role reversal level in .8187. The first attempt there formed a bullish pin bar which rejected price about 100pips. But a second attack on the level today stopped right on it. After forming a smaller pin bar rejection off of it, it then formed an outside bar and ended with an engulfing bar – so a strong intraday confluence of signals.
Being a 2nd failed attempt by the bears to breach .8187, I’d be interested in an intraday long on a corrective pullback into the level towards .8200 with tight stops below targeting .8242 and .8287 so keep an eye if …... Keep reading