So in Shorter term this week we might see a retest of 1.99 and a break above which may prove to another largish week of 100% ranges - however equally this might be 1.99 rejection or failure and a retest of the prior weeks gains 1.97 seems to be an ideal area to pullback to and continue upwards... so in the longer view i am long -even if we see a pullback short trade opportunity this week - this could be a retest of the lower 1.94 area over time -but motion and energy has worked to the uptrend set in March to May...
The current weekly candle is at the top of current shorter term and intermediate - it needs momentum to break through - this might be a sell off and continuation or a quite aggressive move up... If we break above 1.99 - using the same zone range on top of the new channel support - i would expect price to make its ways towards 2.02289 and 2.0432 - ultimately finding support above 2.022 will allow this... a break below this see us retesting and falling back possibly as far as 1.94...
GBPNZD has one of the largest weekly and daily ranges of any currency - so we can look forward to a largish 250 tick move- or weekly range.
The GBPNZD 2014 End Forecast simply shows some ideas based on the current market structure and assuming it stays in the same major longer term trend channel - the intermediate parallel trend channels which mark out the current market zone and the future intersects provide an idea of where the market will be at certain dates.
The high of 2014 is Projected at 2.067, at the current rate of attack of price and trend along the top of the trend channel if we break above the current channel and hold support above 1.99203.
The final low or support price of 2014 is Projected at 1.97 at the current rate of attack of price and trend
along the bottom trend channel
F12% 1.92440 is the retracement value from the high of 2006 to the low of 2013 1.77.066
This is drawn by the MT AutoFib
The MT AutoFib Indicator and MTHorizontal Levels Indicator show levels of horizontal in the current market structure.
More details of the indicators used here are available from Chart, Indicators, MarketPlace Addons, MicroTrends
or from here http://www.indicatorfactory.com