As Chart shows us, kiwi formed a Head & Shoulders pattern on the weekly chart, while daily studies somehow show that it’s heavily sold which gives us a sign for an expected pullback to 0.7550 - 0.7620 which would be a neck line test, i think a closing under the neck line suggesting to open some shorting positions and waiting for a retracement to the mentioned above area for opening more short positions, targetting 0.68xx area.
Moving Averages 13, 52 is so near now, a cross-over would be another sell sign, while target point “0.6800″ is 61.8 fibonacci line from 28 th. June 2006 low “0.5928″ till 9 th. March 2008 High “0.8214″ and at the same time Head & Shoulders expected target.
Last word to be said is “take care”, it’s a long term trade so we would taking our positions with a small amounts.
