As discussed two days ago, the kiwi went out the trading
range by breaking the 0.81 level. The break is confirmed by the weekly RSI that
broke the 50 level. Looking on the weekly chart, there is also a clear brake of
the 21 week MA. The move came with the release of the unemployment rate. Next
support area is around 0.7965, at 50% Fibonacci retracement of the last up move
from 0.7460 – 0.8470. The theoretical target is around 0.7885.
The Dow Jones Index is
fighting the 13220 level for the fourth time and is failing to close above that
level. The fact that other US major indexes like the Nasdaq and S&P 500 are
traded well below recent high is a good
signal for a short opportunity based on correlation. The entry for a trade
could be below yesterday’s low, while protective SL should be place above
recent daily high around 13290. First support is at 13070, then 12985 and of
course 12750 area.
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