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Here we have the monthly chart for GBPNZD showing cloned support and resistance ranges (blue rectangles) and mid range support and resistance (black horizontal lines). This pair could now pullback to the 1.8750 area which is the 38.2% fibonacci retracement level. If this occurs, then this pair could continue its move further lower, more precisely 1.3540 area...
looks like the dollar broke out of this descending TL back in November of 2014 but has not yet retested it.
my technical view is it is due a correction/retest then back up to 120 area. weekly symmetrical triangle could be the source of the break to the downside. Only time will tell.
Have been watching the double top for some months now. Finally the Neckline and Weekly TL has been breached and a retest is in process. This week we see a Bearish Harami in the Retest Area, Targets are based on the height of the double top which is clearly a historic level for this pair.