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We have a few potential setups shaping up around the market, so let’s jump right in to today’s commentary.
The first setup I want to focus on is GBPNZD. The pair has been in a general uptrend since putting in what appears to be a major bottom back in April of last year. Since early September of this year, the pair has rallied for nearly 1,300 pips.
We’re now seeing the pair consolidate and “reset” itself for what could be another move higher. A quick glance at the 4 hour chart shows a wedge pattern that appears to be coming to an end. A close outside of this wedge could set up the next move.
Summary: Wait for a 4 hour close above wedge resistance before considering an entry. Ideally we want to see a retest of former resistance as new support. Key resistance comes in at the recent highs around 2.105. If the market can break that level, the next stop should be 2.160.
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