GBPNZD Trend Line Break Suggests a Short
Updated
It looks like GBPNZD broke out of both a major (Purple) and a minor (Black) channel. GBPNZD had respected the major channel since about mid April and it looks like it broke through it not too long ago and it had just retested it. GBPNZD had followed the minor channel for a couple days before falling through during Friday's New York Session. It looks like GBPNZD is not in a new channel (Dark Blue) which it has been following and respecting since around May 15th. It recently bounced off the the top of the channel which suggests it'll continue to go bearish and I'll be looking for it to hit the bottom of the channel in order to get around 250 Pips.
Apologies if all the trend lines look like a giant mess.
Apologies if all the trend lines look like a giant mess.
Note
* GBPNZD is in a new channel (Dark Blue) which it has been following and respecting since around May 15th
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