Kiwi ready for a reversal

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.

Commentaire:

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.