The recent fall in risk appetite has been stunning, as this pair rallies slightly on Thursday. The bounce that one would expect could come, but the action on Thursday didn’t exactly instill confidence in this pair for us. The candle is a bit like a shooting star at the bottom of a down move, something we are seeing in several risk-related markets. This isn’t a good sign. On a break and close below the recent lows – we are selling the Kiwi hand over fist as it shows a major capitulation by the bulls in this pair.