Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
Kiwi is exactly at the daily trendline and a great support level at 0.7400:
Though my technical rules say that long setups here would be good yet my last COT report indicated that kiwi will fall more.
So for this dubious situation we have to wait for some confirmations.
For short case, I like it to go short below 0.7400 and for long case I will buy it above 0.7468.
Aggressive traders could go long exactly here right at 0.7400 with stop at 0.7360 and 0.7560 as ultimate target.
As a conclusion if you want to go short, then wait for the trendline and support level to be broken and go short after a retest of 0.7400 level and if you want to go long wait for the shelf to be broken and go long above 0.7468.
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