Downside Pressure for the Kiwi

Since its initial fall back in March, NZDUSD has steadily climbed onwards and upwards as the US Dollar floundered. While it would seem there is still some demand for the Kiwi, several indicators suggest otherwise, and the pair may be in for an imminent correction. The most recent clue to price action losing upward momentum is a double-top pattern forming around 0.68 levels. This classic ‘M’ shape points to a reversal in bullish sentiment whereby buyers have stumbled across a ceiling of resistance. We also have this longer-term bearish divergence on the RSI indicator, as shown by the trends displayed above. As the … (full story)

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