Continuing on the
last GBPNZD analysis from Nov.2011 - this pair went up to 2.100 as expected than reversing back to almost entirely to July.20111 low 1.86 where failed to make a new low. While long term pattern still remains bearish, short term chart shows ascending channel that shows some potential to the upside as long as trend remains within it. Breaking of this channel would expose a new low test while moving above 55DMA will and 1.925 may open the opportunity for a new 2012 highs.
Trading plan:
Long @ 1.89 with stop 1.88 on hourly chart given RSI does not fall bellow 40 and Stochastic shows moving upwards after failing bellow 20. First resistance will be the upper ascending channel on 1hr chart or 55SMA on a daily.
For a long term long confirmation of the up-trend, RSI would have to remain above 42.
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