Following the false break above channel resistance in early November, the NZDUSD became relatively predictable. A break of ten-month trend line support led to a retest and subsequent bounce from the confluence of support at 0.6970. Even after the 200 pip bounce we had a decent idea of where sellers were likely to prevail. Last week’s high at 0.7168 was, in fact, a retest of former trend line support as new resistance. Here’s how things look from the daily time frame: However, the start of December brought with it a change in behavior. After closing well below the 0.7100 area between Wednesday and Thursday of last ... (full story)