Kiwi is holding above the .8163 level, a key polarity level over the last 12 months. A bounce from this level is expected and further backed by yesterday’s hold of the previous 4th wave low at .8194. Finally, RSI has pulled back from the 75 level to the bottom of the bullish zone at 40. (daily) S/t, the hourly chart is showing waning bearish momentum and a bullish reversal at .8193. The .8193 is now initial support but a rally through the latest pivot high (wave-4) at .8288 is needed to further confirm a bullish turn. Even nearer-term, a rally through .8240/50 will bolster the bullish outlook. (hourly) Levels: Support – .8193, .8169, .8163 Resistance – .8240/50, .8288, .8415
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Nomura