Disliked{quote} Any reason in particular on the target of 2.10? The New Zealand economy is booming.Ignored
The high at 2.0428 reversed at a point I would label "unimportant"---no major stop was taken out. The ensuing move down was fast, but weak----it was too easy for short sellers.
The bottom at 1.9707 was strong in that it did take some good stops and reversed at an important point. With this in mind I will still give it more room than just that low. Now the movement since the low at 1.9707 has been sideways, BUT there are hints of power, and getting in a long position has not been easy if you are keeping stops very close. That is a good thing.
I am bullish GBPUSD for a variety of reasons, but when you look at NZDUSD, it looks like the low at 0.8050 is weak and the ensuing move was too easy, once again. So if GBPUSD is going up, and NZDUSD is going down that equals a huge move for GBPNZD.
Now back to GBPNZD, there are some spots in between 2.1050 and 2.0428 that might turn the pair back down, and I might bail out early if I sniff any reason to do so. I usually do get out early, because I see something else at that point that looks promising with less risk. But the high at 2.0428 should definitely get taken out.
