NzdUsd - Large Capitulation Presents Bear Flag Opportunity

Last week the NzdUsd sold off heavily after news of a change of government in New Zealand reflecting a level of market uncertainty about continuity of New Zealand political policy. As a result we will be looking for a possible small channel to the upside, possibly with a re-test of broken support turning resistance at 0.70588, where we will look for Bearish formations and patterns to initiate shorts down to the targets of 0.68640 and 0.68217 respectively.