Pending Short NZD/USD - Consolidation Channel

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
229 5
Blue lines = Consolidation Channel

Based on how price moved in April, it looks like there's a possible consolidation channel in development. Thus, there's a pending short around the 0.874X level (previous high). Consider exiting if price closes above 0.8750 and target the low 0.85XX region.

Why the alternate scenario likely won't develop

Red lines = Expanding Triangle

Based on how price moved previously in the beginning of the expanding triangle, the expected path is drawn in red. The move down was on point but didn't quite hit the support level which is fine since it's close enough but on the way up, price stalled around 0.86 instead of moving up to the hit the trend line again (around 0.88). Since the up move was not achieved, I'd say the expanding triangle is no more and price is starting to develop a new consolidation (sideways) channel.
My first short filled at 0.8740 last night but it doesn't look good for my theory right now...
ForexWeeklyAnalysis ForexWeeklyAnalysis
Filled another short at 0.8776
ForexWeeklyAnalysis ForexWeeklyAnalysis
Stops on both shorts have been moved to 0.8730 now, so I can't lose on these trades.
ForexWeeklyAnalysis ForexWeeklyAnalysis
Decided to close my 0.8740 short at 0.8640 for 100 pips, the other one is still running but I've moved the SL to 0.8676 now (to lock in 100 pips as well).
I agree with your analisyss dear, am still holding long from .8527
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