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Here's an update on the setup's I’m tracking into the start of the week. Find a detailed, in-depth review of both these setups and more in today’s Strategy Webinar.
EUR/NZD Daily
We highlighted this setup earlier today as EURNZD was breaking down. Failure to hold above the 1.6545 confluence region along with a break below 70 in RSI highlight the risk for further weakness in the pair. Ultimately, the broader outlook remains constructive within this pitchfork formation off the 2016/2017 lows – but for now, the risk remains for a move lower while below today’s high.
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A closer look at price action sees the pair trading within an embedded ascending channel formation with price rebounding off channel support in early US trade. A near-term slope off the highs may be in play here but it’s too soon to tell. For now, I’ll favor selling rallies while below the weekly open at 1.6615 with a break lower targeting 1.6329 and the trendline confluence around 1.6265. A breach of the highs invalidates the reversal play with such a scenario targeting 1.6830.
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Ethereum prices are testing a critical support zone at 295-303- we highlighted this zone last week and while prices have probed lower, we have yet to see a daily close below this threshold. The focus remains on this key support region heading into the start of the month.
ETH/USD 120min
A closer look sees the pair consolidating below near-term trendline resistance- Look for a break of this consolidation range with a topside breach favored. The outlook remains unchanged into the start of the week. Click here to review the latest Ethereum update including the intraday targets.
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---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michaelon Twitter @MBForex or contact him at mboutros@dailyfx.com
