Although it may look like a correction, I still believe that there is more potential for an upside move than there is for a downside move. Reason being the very bearish outlook of a NZD/USD. USD is currently outperforming all the major currencies including GBP. In times when both GBP and NZD are in a downtrend, GBP/NZD tends to experience an uptrend unless there is a sudden strong depreciation of a GBP or appreciation of a NZD.

I am lookin for 3 possibilities to go long.
1. At 2.00 level
2. Off of the supporting trendline
3. At the recent low at 2.01
This would hold true provided the price action gives a reasonable signal.
Targets.
1. At 2.05 or resisting trendline ( check larger time frame )
2. At 2.08 - recent high
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