Daily Price Action
Shares

Price Action Setups – GBPNZD Looking Higher?

Shares

A lot of pairs to review today so let’s get right to it.

As the headline reads, I like GBPNZD higher from here. As you can see below, the pair is resting on the bottom of this short-term channel. The two consecutive bullish pin bars (yesterday and today) also tell me that the market wants to move higher.

From here the next key resistance area comes in at 1.976. Break that and the pair stands a good chance of retesting the top of the channel in the weeks to come.

gbpnzd daily forex chart

Along the same theme as GBPNZD is NZDUSD which is reacting to resistance. The pair formed a bearish pin bar yesterday and today we saw the market follow through.

The next support from here should come in around .860.

nzdusd daily forex chart

Since breaking support last Friday, EURCAD has drifted slightly higher. From here I’ll be watching 1.467 which is showing convergence between two levels of resistance. A sell signal here could be interesting.

The next key support level doesn’t appear to come in until 1.444.

eurcad daily forex chart

USDJPY is doing what it does best, forming triangles. This pair loves to form these triangles, or wedges, on the smaller time frames as well as the daily and weekly time frames.

While there isn’t much to do while price is contained within the wedge, a break one way or the other can help us determine who’s in control of the market – the bulls or the bears.

usdjpy daily forex chart

NZDJPY finally closed below support today. As such I’ll watch for a possible retest of 87.40 to see if we get a price action buy signal.

nzdjpy daily forex chart

Leave a Comment: