Reversal on the Kiwi NZDUSD

17 Jan 2016

The daily candle on the Kiwi formed a Hammer right on top of previous support. Therefore I believe there is a high probability for more upside. If price breaks below last Fridays low, then this will invalidate the setup. Possible exits will be at 0.66000 (round number / psych level) or at the next resistance at 0.66767. First target is at 1,5 R and second at 2,5 R. Entry at the 50% retrace level of the last candle could improve the R.
Good luck trading!
Dave
davetromp.net