Submitted Jun 13, 2020|From dailypriceaction.com|1 comment

The EURUSD lost some ground late last week after an impressive 550 pip rally that began May 25th. If you saw last week’s forex forecast, you know that I was keeping a close eye on the 1.1340 to 1.1380 resistance area. Despite repeated attempts from ...

Submitted Jun 12, 2020|From dailypriceaction.com

I mentioned the 1.1340 to 1.1380 resistance area for EURUSD last Saturday. That’s the intersection of a trend line from the October 2019 high and the top of an ascending channel from March 27th of this year. Despite their best efforts, EURUSD buyers ...

Submitted Jun 12, 2020|From dailypriceaction.com

On Saturday, I discussed how USDCAD closed the early March gap. The March 10th breakaway gap started the pair’s impressive 1,200 pip rally that took just nine trading days. However, USDCAD surrendered much of that bullish momentum between the 20th ...

Submitted Jun 11, 2020|From dailypriceaction.com

The CADJPY has been all over the place in recent months. We had the 1,000-pip plunge in late February and early March, followed by the two and a half months of indecision. CADJPY then broke higher on June 1st and went straight up for five days. But ...

Submitted Jun 10, 2020|From dailypriceaction.com

The NZDUSD is at a pivotal price near 0.6570. That’s the resistance area I pointed out in Saturday’s weekly forex forecast. You can see where the New Zealand dollar encountered selling pressure near 0.6570 during Tuesday’s session. However, on ...

Submitted Jun 9, 2020|From dailypriceaction.com

After sliding lower from a multi-year high of 1764 on May 18th, XAUUSD (gold) is holding its ground relatively well. The 1680 area is keeping the metal afloat, at least for now. Pullbacks like this are to be expected, especially after rallying for ...

Submitted Jun 5, 2020|From dailypriceaction.com|12 comments

EURUSD bulls may have met their match on Friday. As you may know, I was selling EURUSD back on April 15th and again on May 1st. I announced both of those entries in the DPA member’s area. However, I went in short again later in May, and that ...

Submitted Jun 4, 2020|From dailypriceaction.com

On May 5th, I wrote about Bitcoin (BTCUSD). It was my first public post about a cryptocurrency even though I began explaining my outlook for Bitcoin to DPA members in early April. My bullish case for cryptos such as Bitcoin and Ethereum (ETHUSD) is ...

Submitted Jun 2, 2020|From dailypriceaction.com

I first wrote about the potential for a higher USDJPY on May 11th. The falling wedge pattern that confirmed on the same day looked bullish, especially if the 107.00 area was going to hold as support. After a successful retest of 107.00, USDJPY ...

Submitted Jun 1, 2020|From dailypriceaction.com

Last week, Daily Price Action members and I were watching a retest of a key support area for XAUUSD (gold). The area I’m referring to is the bottom of a recent wedge pattern near 1690. We saw XAUUSD sellers take out the top of that wedge at 1705 on ...

Submitted May 28, 2020|From dailypriceaction.com

The EURUSD is reaching back to its late March highs today after breaking above 1.0990 on Wednesday. Thursday’s 100-pip rally looks impressive, especially when you view the five hours between 8 am and 1 pm EST. However, 1.1080/90 was always likely to ...

Submitted May 27, 2020|From dailypriceaction.com

I first mentioned the 0.6200 resistance area on NZDUSD on April 7th. It’s the intersection of a key horizontal level and a previous multi-year trend line from the 2000 lows. That trend line broke down with the March selloff, as did the 0.6200 ...

Submitted May 26, 2020|From dailypriceaction.com|1 comment

The USDJPY continues to move sideways between 107.30 and 108.00. I’ve discussed the key levels I’m watching here several times, one of which is 107.80. Buyers have managed to take USDJPY above 107.80 intraday. However, we’ve yet to see a daily close ...

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

For the last two months, EURUSD has been consolidating within a wedge pattern. I pointed out this structure in the last two weekly forecast videos. I’ve shorted the pair twice since mid-April, once around 1.0980 on April 15th and again near 1.1000 ...

Submitted May 18, 2020|From dailypriceaction.com|2 comments

On May 11th, I wrote about a falling wedge on the USDJPY. Last Monday’s close above wedge resistance was indicative of strength as the latest round of consolidation ended. However, here we are five sessions later, and not much has changed. The ...

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

Another week, another round of consolidation for EURUSD. The pair continued to pressure the 1.0770/80 support area last week, a level that aligns with the multi-year trend line from the 2000 lows. As I’ve said for weeks, sellers need to clear that ...

Submitted May 15, 2020|From dailypriceaction.com|7 comments

The USDCAD has been slow to develop since its recent parabolic move. Following the March rally that took the pair over 1,000 pips higher in just eight days, the price action has been subdued. Consolidation like this after a massive rally isn’t ...

Submitted May 14, 2020|From dailypriceaction.com

I wrote about Bitcoin (BTCUSD) on May 5th. That was my first public analysis, but I have been telling Daily Price Action members about my involvement in Bitcoin since early April. To summarize, I’ve been buying Bitcoin every day for the last six ...

Submitted May 13, 2020|From dailypriceaction.com|1 comment

I’ve been talking about the potential for a lower NZDUSD for weeks. But despite several bearish signs, the pair has held its ground. That isn’t too surprising, though, when you consider how correlated the NZDUSD is to indices like the S&P 500. ...

Submitted May 12, 2020|From dailypriceaction.com

In the last two Saturday forecast videos, I’ve pointed out a wedge pattern on GBPUSD. It’s unique in that the top of that wedge is actually the bottom of a descending channel that dates back to December of last year. Nonetheless, the GBPUSD had a ...