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Price Action Setups: NZDUSD, EURUSD and EURGBP

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NZDUSD is my top priority at the moment. After having dropped more than 1,100 pips in 4 months, the pair began forming a bear flag pattern on October 6th. It does appear that the pair has now completed the pattern with a close below channel support on the 4 hour chart.

From here we can look for a resumption of the downtrend. If the market can get passed the recent low around .7710, we could see a push to the next key support level at .7480.

Summary: Watch for bearish price action on a retest of former channel support, new resistance. Key support comes in at the .7480 level.

NZDUSD 4 hour forex chart

EURUSD analysis

EURUSD 4 hour forex chart

EURGBP analysis

EURGBP daily forex chart

 

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