NZDUSD is trapped in equidistant channel
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.
read the original article on AdmiralMarkets.com
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