NZDUSD - Meets extension target and leaves a possible false break higher

As can be seen in the chart above NZDUSD just like AUDUSD has hit a major extension target and in doing so has broken through the resistance of a rising channel. This may have left a false break higher. I now favour a return to the .6900 region and potentially lower. One step at a time. The false break higher will be confirmed on a break below .6900. This kind of set up, if triggered, typically leads to sharp losses.