NZDCHF and NZDJPY are positively correlated. NZDJPY strongly bullish. Also you would notice that the 3rd and 10th July could not bring the pair down. Any way some week setups can move. An yet I do not see it coming down. Also check another pair that’s correlated – EURNZD. The 3rd and 10th on the weekly could not bring it up.
On Friday there was a resistance breakout. How valid this resistance only next market movement can tell. I believe this the first entry point for me. Then if the weekly closes above the middle band, while the daily closes successfully above the upper band then a second entry- based on the strategy I have been backtesting. What I admire about the breakout is the “Double Protection” of SL. The position will be protected by both the Middle Band and the broken resistance, now acting as the support.
So much uncertainty with GBP. GBPCAD failed while all the other pairs are still moving accordingly. Not regrettable using GBP to test the strategy during its uncertainty. It would be on record now for me that no setup is safe during high uncertainty.