At the end of January, Kiwi was looking very toppy as NZD/USD pushed into a confluence of resistance. Looking at the daily chart from back then, you can see price pushing into both trend line resistance as well as the horizontal zone. Both levels combined to cap further gains and as we said in that January blog post, the way price made a lower high AND lower low each time after capping out at resistance, was fairly telling. The daily shows the confluence of higher time frame resistance we were talking about. The hourly shows the confluence of higher time frame resistance holding, and price rejecting down from it. ... (full story)