NZDUSD – Structural Channel in Place, Looking to Sell (daily chart)
After double topping at 7445 in the last few weeks, the Kiwi has sold off a few handles before finding some bulls to give it a lift today. The structural channel is clearly defined and the double top matches the top of the channel.
Hence I’m looking to sell if we can get a corrective move there this week towards the double top. Downside I’d be looking to target 6800 and potentially a move down towards the bottom of the channel around 6500.
Only a daily close above 7125 would negate my ST and MT bearish bias.
…... Keep reading