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Kiwi posts lowest close since July 2012

FXstreet.com (Barcelona) - The Kiwi finished the week on a negative note, closing down 138 pips to finish at 0.7938 (the lowest daily close since July 2012).

The FXStreet.com Trend Index remains slightly bearish on the daily chart, while the ob/os index reads oversold. Short term moving averages are also in bearish set up, with price sitting below both the downward sloping 9 and 20 dma’s. The RSI (14) remains in bearish set up, but it should be noted there is a divergence as price makes new lows and momentum does not. Often times this type of development may help lead to a short term counter trend rally.

Initial support sits at 0.7937 (previous day low), followed by 0.7900 (support on weekly chart). First resistance sits at 0.8000 (previous support, now resistance), followed by 0.8057 (the 9dma). Given the fact both trend following and momentum indicators remain in bearish set up, it could help lead to a “sell the rally” type of mentality as we progress through the upcoming week.

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