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Price Action Setups: NZDJPY, EURGBP and CADCHF

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We’re continuing to watch NZDJPY consolidate below the 85.85 key resistance area. The pair has also made several failed attempts at breaking key support at 84.70. This gives us a nice area to watch for a break lower in the coming days.

This type of consolidation after an extended move like we’ve seen over the last two weeks typically leads to a continuation of the trend. However as usual, we’ll need to wait for the market to show its hand before reacting.

Summary: Wait for a close below 84.70 before looking for an opportunity to get short or add to an existing position. Ideally we want to see a break below 84.70 and a retest as new resistance before entering the market. Looking for key support around 84.0 and a measured objective from the recent double top of 82.0.

nzdjpy 4 hour forex chart

We looked at EURGBP last week, noting that the pair could be facing strong resistance at .7888 in the coming days. Since that time, the pair has climbed higher and is now just 25 pips from key resistance.

Summary: Wait for a retest of .7888 over the next few days and watch for bearish price action. A possible target could be the recent low of .7765.

eurgbp daily forex chart

CADCHF analysis

cadchf 4 hour forex chart

 

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