We have a double top
confirmation on NZDUSD
, so more downside moves are expected. However, at the moment, price moved back into the channel it broke out of. A long position now looks like a good play to the .698 level, which would then trigger a sell order to go down to the bottom of the larger channel. In many cases, when there is a double top
, prices tend to try and reach back to the level at which there was a double top
, but fail to reach that high and begins to sell off rapidly. Watch price action closely as it approaches .69802 because prices can begin moving quickly.