The Kiwi is under pressure once more. Over the course of the past week, the Kiwi has been one of the worst performing major currencies and this has not been helped by a sharp move to the downside today (in the wake of worse than expected unemployment data).
It now looks as though the support for the Kiwi that was formed yesterday has only been temporary and the pressure is growing to the downside. This could result in a test of the key near to medium term low at $0.7390 which is the April low.
The daily momentum indicators show RSI and Stochastics already at a 7 week low, whilst the price is falling underneath all the moving averages which are converging to turn down in bearish sequence (a technical condition which suggests downside pressure is building up). The intraday hourly chart shows there is resistance now around $0.7500 which could be seen as a chance to sell. The bearish pressure would be abated if there was a rally above yesterday’s high at $0.7577 - Hantec Markets experts said (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/).
