US Dollar Weakness: Best Setups on EUR/USD and NZD/USD

Hi Trader,

The downtrend on the US Dollar seems ready for another week of bearishness in the upcoming trading week.

Which currency pair could offer the most interesting setups versus the weaker USD?

Today’s article and video reviews the EUR/USD, GBP/USD, USD//JPY, NZD/USD and GBP/AUD.

EUR/USD Uptrend Ready?

When analyzing various US Dollar pairs, the EUR/USD seems to be the currency pair with the best perspective. Why?

The main reason is the bullish breakout above the 3rd Wizz level. Breaks beyond this key level often indicate momentum continuation.

The EUR/USD uptrend is currently building a correction within the uptrend. A bullish breakout above the bull flag is the entry signal for the trend continuation and a potential EUR/USD long setup.

The main target is 1.1850 and the invalidation level of the bullish push is when price retraces deeper than 1.1670.

Other US Dollar Pairs?

The second best setup is on the NZD/USD as long as price does not retrace as deep as 0.7450. The entry confirmation is once price manages to break above the resistance trend line at 0.7500.

The GBP/USD and USD/JPY could also see the US Dollar weaken but price will need to break, pullback and continue first. Last but not least, the GBP/AUD is building a larger bearflag on the 4 hour chart which could offer an interesting setup.

Last week’s video summary: last week’s recap offered 100+ pips on the NZD/USD long setup.

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