GBP/NZD –takes out the top

May 01, 2023

Note: ISM Manufacturing PMI this AM

Bearish:  We are currently @ 2.0265 in a range and a breakout of slope support.   We are in the start of a channel, and we are looking for a continuation to the ATR target @ 2.0163 with a further target the 1.618  Fibo @ 2.0142 area.  Watch the USDX for direction. The average daily true range (ATR) for the pair is 157 pips per day and it’s 180 day average is 166 pips per day. USDX is currently moving up but most likely in a pullback for the short.