Main trend on the long-term continues to be bearish, moreover today's breakout would probably trigger even more of a sell off considering the fact that this is an all time low for the pair.
On the other hand, bulls might still have something to offer if they manage to keep the price above 1.76 before they eventually take over and push prices back above the support line.
Right now the best strategy would be to wait for more certainty. Certainty is the least likely term to describe this week as we have the FED meeting scheduled for Wednesday where FED Chair Janet Yellen will either raise rates or keep them as they are. Whatever it is, markets will react.
Chart: GBP/NZD D1
There will be a lot of volatility tomorrow.
ReplyDeleteThank you for the assessment, I'll keep it in mind.
ReplyDeleteExcellent analysis!
ReplyDeleteLooks like it will keep pushing lower.
ReplyDeleteGood analysis. Very good explanations.
ReplyDeleteGood job with your post.
ReplyDelete