Kiwi ready for a reversal
Updated
By breaking above 0.697, going Long the Kiwi might be a good idea. Over the last 2 weeks the NZDUSD pair has been oversold and there is a clear RSI divergence, while leaving the oversold territory. This time the Moving Average will probably be broken in a bullish manner, unlike the previous 2 times where it acted as resistance. Having a double bottom around 0.69 and a break from the clear resistance line of 0.695, are key technical factors that make the pair look bullish too.
Comment
I've closed part of my position at 0.7048. That was nearly a 100 pip gain in a few hours. The RSi hit the overbought 70 line, Weekly Fibonnaci R2 Pivot and the 0.705 resistance, so I am not as bullish at the moment.
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