NZDUSD taking the stairs back up

Looks like NZDUSD -0.04% has reversed. There is a big channel weekly channel. There is also trend line at the top and could begin to form a wedge that could prevent price from testing the previous high. Wait for pull back and possible entry around the green box. This will probably get revisited.



This trade can be done several ways. I marked targets using red boxes for ranges of prior resistance/support or fibs for targets.

The pitchforks middle red median line acts as a price magnet with the blue parallel lines as resistance with the dotted warning lines marking the extreme resistances. When price its rejected of a parallel line you should expected it to return to the median line or accelerate through it to a corresponding parallel. This helps gauge the possible momentum of moves and also shifts in trend.