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Further Losses Ahead for NZDUSD?

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An increase in event risk for the upcoming week has traders buckling up. FOMC always creates volatility, but pair that with GDP and ECB stimulus news, and you’re sure to have an eventful week in the Forex market.

Here are the two pairs I’m watching for the week ahead.

On Friday, we saw NZDUSD temporarily push through former channel support, now resistance. However the market was unable to hold its ground and quickly descended, forming a bearish pin bar on the 4 hour chart.

This is the retest we were waiting for after the pair broke channel support on October 23rd. We’ll have to see how the market opens next week, but we could see the pair move down to retest the recent lows around .7710. If the market can push through this support level we could see a larger move down to the .7480 level.

Summary: Opportunity to trade a break of the pin bar nose. This of course depends on where the market opens next week. The first target would be the recent lows around .7710 with a possible (much larger) second target of .7480.

NZDUSD 4 hour forex chart

EURUSD analysis 

EURUSD 4 hour forex chart

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