GBP/NZD – back in the channel

Bearish: We are currently @ 2.0422 outside a well built channel. Lower highs suggest a move back into the channel. IF we can break support here, we are looking to continue to the ATR target @ 2.0318 with a further target the 1.618 Fibo @ 2.0250 area. Watch the USDX for direction. The average daily true range (ATR) for the pair is 139 pips per day and it’s 90 day average is 143 pips per day. USDX is down.

Posted to Introduction to Forex Targe… on Feb 22, 2024 — 8:02 AM

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