I have just completed my mid-week update, to accommodate any significant change that is impacting on my sentiment for the week on the three pairs I chose to trade this week. I was clearly in the wrong on my initial analysis of GBPCAD but I will still keep an eye on it. Here is the update on GBPNZD.
GBPNZD: The initial price action on Monday favoured a northward move, which offered an early profit on my long trade. Since then the GBPNZD has been largely ambivalent. Current GBP post-brexit situation couple with generally stronger USA fundamentals favour a bearish mode but constrained by the lack of positively correlated kiwi fundamentals, a reason why GBPNZD has not moved much southwards. In fact, technically, GBPNZD has barely moved below the daily trend line I drew on Sunday and there is potential for a break to the upside as the technicals on daily and 4H time frames are mixed/ambivalent. I will track price action for possible trade on the north; much like good GBP fundamentals during the week will provide the impetus. [B]I may be wrong.[/B]