The selling pressure is likely to pick up on the downside in the Kiwi with the double bottom and 38.2 fib giving way last week. The next major support level is not until the 50 fib that comes in at 0.68640, looking forward selling rallies will be the best play in my opinion.
The smart money has been seen selling every 1:1 (Purple) in the recent leg lower after the AB=CD (Yellow) attracted strong selling interest at 0.78850.
The intraday resistance level to keep a close eye on is the 1:1 (Yellow) at 0.72270. This level will likely attract some selling interest if it is reached, it will be best to keep stops tight when selling any rally with the market already trading outside of its daily average range.
* A 1:1 refers to a current correction being equal in length to a prior correction
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