Long KIWI $
Updated
Expecting the confluences of Monthly Trendline that goes past two decades to hold the downside momentum along with the spot coming at .27 extension of the start of the downtrend that began in 2018.
we have RBNZ rate decision this week and is expected to keep on hold since they recently cut a huge bps in their last meet. Post their rate cut, the global markets recovered with US-China trade war that seemed to pacify a bit. which all gave relief to AUD. But with respect to KIWI, gaining strength, one should also look at AUDNZD. a lot of confluences on that one, too.
Hence, if RBNZ sounds less dovish or even mention wait and see approach for taking further steps, then KIWI can soar dramatically as it has been beaten down by over 5 cents in a short time span.
we have RBNZ rate decision this week and is expected to keep on hold since they recently cut a huge bps in their last meet. Post their rate cut, the global markets recovered with US-China trade war that seemed to pacify a bit. which all gave relief to AUD. But with respect to KIWI, gaining strength, one should also look at AUDNZD. a lot of confluences on that one, too.
Hence, if RBNZ sounds less dovish or even mention wait and see approach for taking further steps, then KIWI can soar dramatically as it has been beaten down by over 5 cents in a short time span.
Trade active
Entered at 0.6270.SL: 0.6150
T1: 0.6430
T2: 0.0.65
T3: 0.67
Note
Looking for a stop hunts below 0.62 to initiate a new position and also to average down the price.. SL adjusted to 0.61
Trade active
TarTarget 1 booked with another new Long initiated at 0.6325 with a target of 0.6530Note
Target 2 reached.. Booked 70% of the position secured.. Letting the rest run risk freeTrade closed manually
Booked the whole position at 0.66020.. it may run a bit further but I am expecting some shift from AU and NU to EU and GU .. Hence will be looking at the crosses
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.