NZDUSD is trapped in equidistant channel

2 min read

2015-04-28_9-29-13 NZDUSD is currently trapped in equidistant channel and it is trying to touch confluence points which we could us for short opportunities. As we can see 0.7655-65 region (H3, previous sellers,previous swing) region already provided some selling in the near past so we could expect initial reaction towards 0.7615 and only if 0.7615 breaks we should have a breakout momentum towards 0.7580. In the case of a stronger pullback 0.7685-0.7695 will make equidistant channel upper trendline re-adjusted so we will have confluence ( equidistant channel upper line, H4, previous swing, 78.6 ) for selling towards 0.7655 and 0.7615 is 0.7655 breaks. The range on the pair is not big -86 for the previous 5 days with 78 for yesterday so that is why we should not expect big movements at this point.

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