NZD/USD and EUR/JPY in focus for the open

It is going to be a busy week ahead with both the FOMC and Bank of Japan as well as key data such as US Retail Sales on the radar. Meanwhile, from a technical standpoint, the following illustrates the current pairs under the spotlight for the open and week ahead. The daily bearish engulfing has led to the pair dropping and correcting to a 38.2% Fibonacci retracement level which is significant enough to ow expect a downside continuation to test deeper into the demand zone. Traders will be on the lookout for bearish conditions on the 4-hour time frame for a swing trading opportunity. Meanwhile, the euro … (full story)

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