Submitted Dec 11, 2020|From dailypriceaction.com|1 comment

AUDUSD bulls are on the move this week in a big way. Yesterday’s session saw the pair gain 90 pips alone, and this week is up 160 pips from its low. If you saw last weekend’s forecast, this rally isn’t a surprise. We know the Australian dollar ...

Submitted Dec 10, 2020|From dailypriceaction.com|8 comments

On December 8th, I mentioned how EURUSD was flagging below 1.2150. That’s another way of saying a bull flag was developing. Since reaching the 1.2150 resistance area last week, the EURUSD has pulled back. We weren’t surprised by that as 1.2150 has ...

Submitted Dec 9, 2020|From dailypriceaction.com

Back on October 27th, we looked at a bullish scenario for NZDUSD. The pair was still consolidating between 0.6500 support and 0.6790 resistance. However, a combination of factors pointed to a higher New Zealand dollar. First was the breakout on the ...

Submitted Dec 9, 2020|From dailypriceaction.com|1 comment

The USDJPY is sitting on a critical support level. It’s the most significant level for USDJPY since the pair broke down from a symmetrical triangle in July. If you’ve followed me since then, you know what I’m referring to. And if not, allow me to ...

Submitted Dec 8, 2020|From dailypriceaction.com

Silver (XAGUSD) is on the verge of a massive breakout. I’ve been writing about the bullish scenario for XAGUSD since October 13th. Back then, I said that silver was a “buy the dip market”. And that remains true today. Those who bought the recent ...

Submitted Dec 8, 2020|From dailypriceaction.com

I’ve been bullish on the EURUSD since late June. The bull flag pattern I discussed on June 29th led to a 780 pip rally to 1.1970, which, as you know, was resistance until just last week. The December 1st breakout above the 1.2000 region signaled the ...

Submitted Dec 7, 2020|From dailypriceaction.com|1 comment

Gold (XAUUSD) looks ready to break out and make its 2021 debut at higher prices. If you saw my forecast on November 28th, you know gold was likely to find support between $1,700 and $1,790. Sure enough, XAUUSD caught a bid at $1,765, which is the ...

Submitted Dec 7, 2020|From dailypriceaction.com

On November 30th, I wrote about a pending bullish breakout from EURJPY. At the time, the pair was trading at 124.64. Fast forward to today, and EURJPY is up 170 pips. The pair has also broken above the 125 handle. The market also appears to have ...

Submitted Dec 5, 2020|From dailypriceaction.com

On October 13th, I wrote about a bullish chart formation for silver (XAGUSD). The descending channel that has formed since the 2020 high at $29.80 appears to be a bullish flag pattern. A breakout from this pattern alone could send XAGUSD much ...

Submitted Dec 4, 2020|From dailypriceaction.com|1 comment

On November 3rd, I wrote about a potentially bullish scenario for the AUDUSD. The pair was breaking out of a wedge pattern at 0.7130. Since then, the Australian dollar has rallied 300 pips. You can see how AUDUSD has produced some nice stair-step ...

Submitted Dec 3, 2020|From dailypriceaction.com

On Saturday, I mentioned a potential support area for XAUUSD near 1770. It was the first of two possible descending channels that extend from gold’s all-time high of 2075. So far this week, XAUUSD is up $65. It’s also reestablishing itself above the ...

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

EURUSD broke out of its four-month range yesterday with conviction. I’ve discussed the potential for a move higher from the euro several times on this website, including last Friday. I also went long the EURUSD late last week, as I mentioned to ...

Submitted Dec 1, 2020|From dailypriceaction.com

Like other yen pairs, CADJPY has been relatively uneventful this year. It’s also been a difficult pair to trade. Since the 1,000 pip decline at the start of the year, CADJPY has consolidated for the last eight months. That’s especially true judging ...

Submitted Nov 27, 2020|From dailypriceaction.com|26 comments

The EURUSD is getting close to breaking out of a four-month range. I’ve discussed how the pair needs to clear the range between 1.1615 support and 1.1970 resistance to regain its momentum. If you’ve seen my recent posts, including last weekend’s ...

Submitted Nov 25, 2020|From dailypriceaction.com

Gold (XAUUSD) hasn’t performed well of late. And that’s an understatement. Since carving a 2020 high at 2075, gold has declined over 12%. While I still think XAUUSD will rally in 2021, it won’t do nearly as well as Bitcoin. If 2020 is any guide, ...

Submitted Nov 24, 2020|From dailypriceaction.com|7 comments

I wrote about the potential for a bullish GBPUSD breakout on November 20th. The falling wedge that has developed over the last twenty years hints at a possible turn higher in 2021. However, as I mentioned last week and again over the weekend, GBPUSD ...

Submitted Nov 23, 2020|From dailypriceaction.com

AUDUSD has enjoyed an incredible run since the March low. The pair has gained 1,800 pips since March 19th, and the uptrend is still very much intact. However, it has lagged its New Zealand counterpart. While the NZDUSD has been in rally mode in the ...

Submitted Nov 20, 2020|From dailypriceaction.com|1 comment

GBPUSD could be on the verge of a massive bull run. I wrote about the twenty-year falling wedge on October 29th. The structure above hints at a bullish reversal for the pound. That isn’t surprising given what we’ve seen from other major currency ...

Submitted Nov 19, 2020|From dailypriceaction.com

On October 27th, I wrote about how NZDUSD was likely to continue its rally above 0.6800. The reason I thought this likely had to do with what’s been occurring on the monthly chart. Notice the false break that occurred in March. As always, a false ...

Submitted Nov 18, 2020|From dailypriceaction.com|3 comments

USDJPY has been a tough pair to trade in 2020. Although we’ve had a consistent downtrend since February, the pair has been incredibly choppy. You can see some of that choppiness in the recent false break below 104.20. Notice how 104.20 served as ...