Trend Reversal?Last week price was met with a strong reaction at 0.6500, an important level for KIWI. Last time price traded at this level was in August after which a 900 pip move to the downside followed and a bottom was later found in October around 0.5500. Since then, buyers have been in charge and have brought prices back to 0.6500. For the first time since October we have now seen the market close the week with doji candles for 2 weeks in a row. Also, for the first time since the uptrend started, we saw Thursday close with over a 100pip move to the downside (a big move for KIWI). This came following Tuesday's rejection of 0.6500 indicating the presence of sellers in this zone. A strong dollar would favor sellers to step in and push prices lower.
