The Kiwi has retrace just a little higher than the 61.8% retracement level of the Bearish run that started in April and ended at the beginning of June. Price reacted with a very bearish power candle after hitting 0.80146 and has been consolidating just above the 62EMA at 0.7850 for the last 2 trading days. Although a small pin bar printed on yesterday's daily chart, it is caught between the EMA 5 & EMA 13 and appears to be more bearish than bullish, as so many other key pairs do. The Weekly Pivot is also acting as a ceiling for the pair at 0.7911 and holds the key for the Bulls advance. If price can push back up and close above this level we might see a bullish continuation...but breaking the Weekly High will be the real show of strength and might not be in the cards right now. To the (more likely) downside, price will need to close below 0.7950 and preferably below the Weekly S1 at 0.7807 to really get things going. If price does fall, the next likely target will be 0.7700 but it might take some time to get there.
Happy Trading!