Submitted Dec 22, 2022|From dailypriceaction.com

USDJPY has been a roller coaster in 2022. We had a massive rally between March and October, followed by an equally impressive selloff. But the most appealing aspect of this year’s price action is the symmetry that USDJPY has displayed. The ascent ...

Submitted Dec 21, 2022|From dailypriceaction.com

I can’t help but notice how weak the pound is against the euro, at least since last week. For the last few months, EURGBP has trended lower. However, the price action since March shows a series of higher highs and lows. For that reason, I like ...

Submitted Dec 19, 2022|From dailypriceaction.com|1 comment

GBPUSD is in a long-term downtrend but a short-term uptrend. So without a shift in the secular downtrend marked by a higher macro high, any rallies are corrective and thus prone to fail. We may be witnessing one such failure this month. The GBPUSD ...

Submitted Dec 16, 2022|From dailypriceaction.com

USDCAD has spent the last two months consolidating below the 1.386 resistance area. However, recent price action suggests that might be about to change. But before we get to a potential breakout play for next week, I want to discuss the USDCAD range ...

Submitted Dec 15, 2022|From dailypriceaction.com|1 comment

The EURUSD has trended higher since late September, gaining over 1,000 pips from the low. However, the price action since the November low hints at a potential rising wedge, which is usually a bearish pattern as it suggests exhaustion from bulls. So ...

Submitted Mar 19, 2022|From youtube.com/justinbennettfx

In This Video: Intro, EURUSD, GBPUSD, NZDUSD, ETHUSDT, DOTUSDT. EURUSD Forecast: EURUSD tried to get through the 1.1080 resistance area last week but failed. That’s the region that euro bulls have to clear on a daily closing basis to flip it to ...

Submitted Mar 7, 2022|From dailypriceaction.com|4 comments

If you saw last weekend’s market forecast video, you know the EURUSD is sitting on multi-decade support. The support level is the bottom of an ascending channel that began in the 2000s, and it currently sits at 1.088. Note that this is the same ...

Submitted Mar 3, 2022|From dailypriceaction.com|1 comment

Gold has some of the best technicals around. The market is carving its first higher high since August 2020 and has some very clear horizontal levels. The last 20 months are similar to the price action between 2011 and 2019, only much smaller. Notice ...

Submitted Jun 17, 2021|From dailypriceaction.com|1 comment

The EURUSD is coming off hard following Wednesday’s relatively hawkish FOMC. The euro is plunging below the 1.2000 level today, so we’ll have to wait and see where it closes at 5 pm EST. A weekly close below 1.2000 would likely flip the level to ...

Submitted Jun 10, 2021|From dailypriceaction.com

Last week, I discussed a few support and resistance levels for gold. So far, the market is behaving and responding to each level as expected. However, I want to take a different perspective today. The XAUUSD consolidation since late May appears to ...

Submitted Jun 9, 2021|From dailypriceaction.com|6 comments

The EURUSD is having trouble finding direction. I can say the same about the entire Forex market. Direction and momentum are something many currency pairs are struggling with at the moment. Everything from the EURUSD to the USDJPY is in a stalemate. ...

Submitted Jun 2, 2021|From dailypriceaction.com

XAUUSD (gold) has reached our next target just above $1,900. I wrote about this area in the May 20th commentary, along with the more significant $1,960 level. Given the way XAUUSD is refusing to back down, I wouldn’t be surprised to see a breakout ...

Submitted May 20, 2021|From dailypriceaction.com

Last week, I discussed how XAUUSD (gold) tested the top of a long-standing descending channel. In many ways, this pattern hinted at a bull flag starting from the 2018 lows. That’s when XAUUSD started its parabolic move from $1,160 to $2,075. With ...

Submitted Apr 7, 2021|From dailypriceaction.com

ETHUSD just experienced a 10% pullback from yesterday’s high. Such retracements in crypto aren’t all that rare. I was also anticipating this drop to the $1,950 region per my comments yesterday on Twitter. In fact, the lower boundary to my support ...

Submitted Apr 3, 2021|From dailypriceaction.com|1 comment

Ethereum (ETH) spent most of the last five weeks consolidating. Although we saw the crypto gain 50% between late February and mid-March, it was part of a larger consolidation pattern. However, that sideways action broke on Wednesday. I talked about ...

Submitted Mar 31, 2021|From dailypriceaction.com

I’ve discussed the significance of $1,680 for XAUUSD since March 2nd. It’s a confluence of support for gold based on three key factors. Gold bounced from the $1,680 area in March, but the bullish momentum faded last week. However, Thursday’s rebound ...

Submitted Mar 23, 2021|From dailypriceaction.com

Last weekend, we looked at a potential breakdown from the GBPUSD. I’ve mentioned the idea that the late-February surge above channel resistance looked to be a false break. As you may know, a false break to one side of a pattern usually triggers an ...

Submitted Mar 21, 2021|From dailypriceaction.com

In this weekly market forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, AUDUSD, and BTCUSD through March 26, 2021. The EURUSD has struggled to regain the 1.1950 level as support. You can see where the pair closed below ...

Submitted Mar 19, 2021|From dailypriceaction.com|15 comments

The USDJPY is testing a multi-year trend line from the 2015 high. The level connects with the February 2020 high, which preceded the March decline that sent the USDJPY 1,000 pips lower. As you can see, the market is challenging the resistance level ...

Submitted Mar 11, 2021|From dailypriceaction.com

Bitcoin (BTCUSD) is back to “up only” mode following its recent 26% correction. As most of you know, I was buying Bitcoin when it was between $8,000 and $10,000 in May of last year. I was also buying Ethereum (ETH) when it was just above $200. Both ...