FX:GBPNZD   British Pound / New Zealand Dollar
323 12 12
Ever since GBPNZD             made a swing low at 1.77 in April 2013 it's been following an upsloping median line set. However, the resistance at 2.105 has proved to be strong enough not to let it develop any higher. Is this triple top going to be restested ance again? As long as we observe price action above the dotted sliding parallel, it is still an option. We might even see a breakout, if the stepping up demand shows enough determination. On the other hand though, the ongoing correction is pretty impulsive in its nature, so a lot depends on how market behaves upon the retest of the 2.0 level, should it occur.
Both currencies are pretty neutral now in terms of their relative strength , with the GBP being a little bit stronger. The sterling has been losing momentum recently though, whereas the kiwi's being gaining it, so in the short term the odds are with the sellers. Now as the market is approaching the support level at about 2.02, it's interesting to see what happens next.
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nice analysis,
long trade possible in 2-3 days.

bears got the upper hand now.
MertErten MertErten
also GBP/USD very weak...
ForceFollower MertErten
Thanks for the comment. Yes, indeed, the sterling remains one of the weakest currencies among the majors. Only the yen is still weaker.
Currently my attention is focused mostly on the strongest trends though - the yen pairs: USDJPY, NZDJPY, and CHFJPY.
+1 Reply
MertErten ForceFollower
I almost trade the same way:
pick the strongest and the weakest amongst majors - wait for momentum, go with the main trend.
exit at correction, repeat.

for abenomics JPY is the weakest :)
+1 Reply
MertErten MertErten
*since abenomics JPY is the weakest :)
ForceFollower MertErten
Very well. That's the way to go! :-)
going to take long position sometime next week.
OK., but be careful. The momentum is favoring short positions now. Just wait till the bearish pressure dies out or at least try to enter as close possible to the dashed blue line, eg. around 1.965.
gpuri ForceFollower
that is why I will wait until I see sign which I am expecting will happen sometime next week
+1 Reply
Excellent! :-)
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