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GBPNZD Tests Channel Support; Breakdown Imminent
On March 11th, I pointed out two ascending channels on GBPNZD that would offer an opportunity in the days ahead. The larger channel extends from the late 2016 lows, while the smaller one started with the 2019 low from July. Here’s what I wrote on March 11th: Given that the pair is coming off that 2.1200 resistance area, any daily close below the smaller ascending channel support could trigger a broader selloff. At the moment, that channel support comes in between 2.0100 and 2.0200. A daily close below that level could send GBPNZD lower toward the multi-year channel floor. Notice Monday’s low of 2.0048, followed ... (full story)