EURNZD Reaches Confluence of Resistance at 1.7030/80

I’m going to remain on the sideline to see how this plays out. A bearish candlestick pattern from the 1.7030/80 area would pique my interest. A daily close below trend line support from the June 27 low would also be appealing.

If the EURNZD closes above the confluence of resistance near 1.7030/80, I will not entertain a long position. I have a rule that I don’t buy upside breaks of ascending channels, nor do I sell downside breaks of descending channels. Those scenarios often result in false breaks.

Source: bit.ly/2z5CQCc