NZDUSD back into channel

12 May 2016

We have a double top confirmation on NZDUSD, so more downside moves are expected. However, at the moment, price moved back into the channel it broke out of. A long position now looks like a good play to the .698 level, which would then trigger a sell order to go down to the bottom of the larger channel. In many cases, when there is a double top, prices tend to try and reach back to the level at which there was a double top, but fail to reach that high and begins to sell off rapidly. Watch price action closely as it approaches .69802 because prices can begin moving quickly.

12 May 2016

Not

Touch off the trendline as a retest. This thing should go flying now.