On the weekly timeframe of the Kiwi Yen, price has been pretty choppy. The consolidation has been in the form of a descending triangle with the line of least resistance being bearish. A few weeks ago, we saw a breakout and a retest.
This week’s candle, closes below all the previous weeks’ candles, (bearish engulfing) a dominant candlestick after a retest. It shows some convincing bearish indications. We watch the price to see if the downward momentum will sustain.
We’re looking at the Dollar Swiss on the weekly timeframe. Price has been trading within an ascending wedge since this years’ beginning. The main trend was bullish. Last week, there was a very dominant breakout. Evidence of a pullback has been sited this week, which is also an inside bar.
Once the breakout happened, our bias shifted to bearish. We’ll be careful for further price action to confirm the retest. If the lower boundary of the wedge acts also as a resistance, then we watch to see if bears will push price further down.