After forming a virtual maribozu on Monday, the kiwi formed an inverted pin bar which pulled handsomely back to the daily 20ema, rejected and closed just off the lows. The interesting thing about this is how it also broke the stalemate and the 1-month range lows in the process.
I think once the pair clears the 7800 area, that further losses are in store – likely down to 7650 which if this yields, then the yearly lows around 7450 are on deck. Intraday pullbacks towards 7860 and 7918 are good locations to sell rallies intraday.
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Global Market Commentary:
Greece, Spain and Pain…what more else do you need to know? The Moody’s downgrades have more of a negative effect, not so much on a belief in Moody’s, but moreso in how investors take this as a negative on the entire eurozone, and how the strong countries feel like the weight of the insolvent countries PIIGS, are hurting their stable economy.
Meanwhile, German and French PMI figures disappointed while the Richmond Fed printed its worst number since April 09 and Treasury Yields tumbled to all time lows (wait, there is more), 30Y GGBs have tumbled to record lows while the Troika said Greece will miss their deficit reduction targets (surprise there). All this while Spanish yields hit over 7.6%. The problem is both the insolvency of these countries while having markets that have been artificially propped up. Eventually, this will come home to roost.
The Dow dropped 104 points while the S&P500 dropped 12 points.
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Kiwi Forms Inverted Pin Bar And Breaks Stalemate, 1-Month Range Lows
Published 07/25/2012, 06:51 AM
Updated 05/14/2017, 06:45 AM
Kiwi Forms Inverted Pin Bar And Breaks Stalemate, 1-Month Range Lows
NZD/USD
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