The Kiwi put in a strong ‘impulse leg’ higher yesterday evening following comments from the Fed regards interest rates. Price action during the Asian session has made a 50% retracement of yesterday’s impulse leg. This level coincides with previous structural support and this adds to its significance.
Today’s price action on the hourly candle chart has formed a bullish two-bar reversal pattern signalling that the retracement phase has come to an end. Place your stop below the two-bar reversal lows at 0.7375. This research is for informational purposes only and should not be construed as personal advice.http://www.fxmacedonia.com/2015/03/buy-nzdusd.html
