#GBPNZD H4: Correction Underway

FX:GBPNZD   British Pound / New Zealand Dollar
70 0 6
Here are the key points for this chart of GBPNZD:
- Trend. I find the trend still DOWN, although it's has lost momentum recently - the correction has come across almost the entire median line set
- Fundamentals: the NZD is still strong or strong-ish, while the GBP is the weakest currency in terms of relative strength . The NZD is also relatively oversold.
- Support. Price may find the first support at the last minor lows (1.8595), the next one at the prior major high (1.83838), and another one at the median line , around 1.8.
- Resistance. The rising price is expected to find resistance on the upper MLH parallel or the dashed outer parallel and after a test of the line bounce off of it to go down.
- Trading opportunites: enter short at one of the resistance areas, with a stop-loss order above the corresponding prior high, looking to exit at some of the support levels with R:R of at least 1:1.

Here's the summary of how I see the current situation in financial markets (as of Tue. 19.07.2016, 11:00 CET):
The strongest currencies: SGD, AUD, NZD.
The strongest major currency: AUD (currently oversold).
The weakest currency: GBP.

The leading markets:
- GBPSGD             - trending down;
- GBPAUD             - trending down;
- XAGJPY             - trending up.

The developing potential entry opportunities:
- SGDCHF             - go long;
- GBPAUD             - go short;
- GBPNZD             - go short.
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