Submitted Dec 31, 2020|From dailypriceaction.com|2 comments

Earlier today, AUDUSD reached its next objective at 0.7740. I’ve had this level on my radar for several months. It’s the level we looked at in my recent AUDUSD commentary on December 21st. The key takeaway from that article was that Australian ...

Submitted Dec 30, 2020|From dailypriceaction.com

EURUSD bulls are starting to have their way again. The euro is carving fresh multi-year highs against the US dollar and doesn’t appear to be stopping. As I mentioned last Saturday, the EURUSD tested the 1.2140 area as new support last week. That was ...

Submitted Dec 29, 2020|From dailypriceaction.com

On November 30th, I wrote about a EURJPY bullish continuation pattern. The pair was trading just below the 125.00 handle, and had carved an inverse head and shoulders on the daily chart. Although they usually serve as bottoming patterns, inverse ...

Submitted Dec 24, 2020|From dailypriceaction.com|14 comments

I’ve liked GBPUSD higher since November 20th. However, as many of you know, buyers still have work to do. Last weekend, I pointed out that GBPUSD bulls needed to secure a weekly close above 1.3480 to confirm the breakout. That’s something I’ve told ...

Submitted Dec 23, 2020|From dailypriceaction.com

XAUUSD (gold) buyers are having a tough time gaining any real momentum. Despite last week closing above $1,850, gold is trading below its previous weekly close. I mentioned that break above $1,850 last Saturday. However, that isn’t surprising. We’ve ...

Submitted Dec 23, 2020|From dailypriceaction.com|4 comments

Last Saturday, I discussed what could be a massive bearish reversal pattern on the EURAUD weekly time frame. EURAUD has carved a long-term trend line since July 2019. Before December, the level was holding as support hence the multiple bounces from ...

Submitted Dec 22, 2020|From dailypriceaction.com|1 comment

The USDJPY is moving as anticipated after closing below 103.60 last week. I first mentioned the late 2012 trend line on December 9th. In that post, I said that a weekly close below 103.60 would be significant. Here’s what I wrote: If USDJPY does ...

Submitted Dec 21, 2020|From dailypriceaction.com

XAGUSD (silver) has had a volatile start to the week. Monday’s $2.60 range may not sound like much to some, but those familiar with XAGUSD know that’s a massive range for the metal. As always, I’m more interested in where silver closed the day than ...

Submitted Dec 21, 2020|From dailypriceaction.com|1 comment

The AUDUSD has had a heck of a run since early November. Even after today’s pullback, the pair is up a considerable 520 pips. And if we measure from the March low, the Australian dollar has gained just over 2,000 pips against the USD. We last ...

Submitted Dec 19, 2020|From dailypriceaction.com|2 comments

In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, EURAUD, and XAUUSD through December 25, 2020. The EURUSD has worked out beautifully since closing above 1.20 on December 1st. I discussed that ...

Submitted Dec 18, 2020|From dailypriceaction.com|1 comment

The USDJPY just closed the week below an eight-year trend line. I mentioned this level on December 9th, where I stated that a weekly close below 103.60 would open the door to 101.00. That’s the location of the trend line from late 2012. We also ...

Submitted Dec 18, 2020|From dailypriceaction.com

Two days ago, we reviewed a potential EURUSD breakout. The euro had been pressuring the 1.2150/70 resistance area since December 3rd and looked ready to break free at any time. In fact, the EURUSD was trading above 1.2170 when I wrote Wednesday’s ...

Submitted Dec 17, 2020|From dailypriceaction.com

Silver (XAGUSD) has reached its first key resistance level at $26 following this week’s breakout from $24.50. I discussed silver’s breakout potential on Tuesday, hours before it entered full-on rally mode. But we’ve known about this bull flag ...

Submitted Dec 17, 2020|From dailypriceaction.com|7 comments

GBPUSD bulls are starting to have their way with the market. The pair is surging above the 1.3480 key level after closing Wednesday’s session above it. I’ve discussed the GBPUSD bullish scenario for weeks. It started on November 20th when I first ...

Submitted Dec 16, 2020|From dailypriceaction.com

On May 5th, I wrote about Bitcoin for the first time on this website. BTCUSD was trading at $8,828 on that day. Even before that, I was accumulating the cryptocurrency around the $7,000 mark, as I mentioned to Daily Price Action members on April ...

Submitted Dec 16, 2020|From dailypriceaction.com|1 comment

EURUSD looks ready for another leg higher. The pair has been hovering just below key resistance near 1.2170 since December 3rd. As Daily Price Action members know, a market churning below a key level for weeks is a bullish sign. And it’s no surprise ...

Submitted Dec 15, 2020|From dailypriceaction.com

Silver (XAGUSD) is knocking on the door of a bullish breakout. I’ve discussed the bullish outlook for XAGUSD since it was trading at $18.21 on July 13th. We’ve also been monitoring the bull flag pattern on the daily chart below (second chart) since ...

Submitted Dec 15, 2020|From dailypriceaction.com|3 comments

Last week, we looked at what could be a critical trend line support for USDJPY. The level extends from the September 2012 low and intersects with the March 2020 low just above 101.00. You can also see how USDJPY caught a bid at this level in ...

Submitted Dec 14, 2020|From dailypriceaction.com|6 comments

Everyone seems to want to short GBPUSD in anticipation of a failed Brexit deal. At least that was the case last week. But that kind of herd mentality rarely plays out as expected. And if I look at the charts, I can see why the bearish scenario may ...

Submitted Dec 11, 2020|From dailypriceaction.com|4 comments

Two days ago, I wrote that the NZDUSD pullback was likely to be temporary. I didn’t think that post would mark the bottom of the pullback. Of course, there’s still a chance the New Zealand dollar could retreat to 0.6940 support next week. But so ...