Submitted Feb 19, 2020|From dailypriceaction.com|3 comments

The GBPUSD is holding below the resistance level I mentioned last week. The 1.3050/70 area is the intersection of the 2019 ascending channel as well as the trend line that extends from the November 2019 low. I wrote about this area on Friday and ...

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

The GBPCAD continues to hover above key support. It’s the same level I discussed on February 7th and again on Sunday. A rising broadening wedge like the one below hints at exhaustion from buyers. The concept is similar to a rising (narrowing) wedge, ...

Submitted Feb 17, 2020|From dailypriceaction.com

The NZDCAD has been trending lower since putting in a top last December. That 0.8800 swing high was the result of the November 19th breakout from channel resistance. It turned out to be an excellent long trade for us, but now shorts are having their ...

Submitted Feb 14, 2020|From dailypriceaction.com

The GBPUSD has a lot of traders confused. After breaking below the confluence of support near 1.2980, things looked relatively bearish for the pound. GBPUSD even lost over 100 pips during that February 6th breakdown. However, Thursday’s price action ...

Submitted Feb 13, 2020|From dailypriceaction.com

The EURUSD selloff is continuing this week with no end in sight. It all started with the close below ascending channel support on January 23rd. We had anticipated a break from that terminal pattern for weeks. The EURUSD reached our first target at ...

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

The GBPUSD has clawed back lost ground so far this week. It comes following last week’s 300 pip plunge below two critical levels. The first was the trend line that extends from the November 2019 low. I wrote about this level on February 5th. It was ...

Submitted Feb 10, 2020|From dailypriceaction.com

The GBPJPY continues to consolidate between 141.00 and 143.00. We haven’t seen much follow-through from sellers since the risk-sensitive pound cross closed below ascending channel support on January 27th. At the same time, buyers haven’t managed to ...

Submitted Feb 10, 2020|From dailypriceaction.com

AUDNZD is attempting to bottom after months of consolidating. Since December, the Australian dollar has struggled to gain ground against its New Zealand counterpart. But it hasn’t lost ground either, at least not since early January. The price ...

Submitted Feb 6, 2020|From dailypriceaction.com|1 comment

After an aggressive rally to end last week, the EURUSD is right back to key support at 1.0990. It turns out Friday’s move was a bull trap. And it wasn’t just the EURUSD. The GBPUSD also carved a monster rally between Thursday and Friday of last week ...

Submitted Feb 5, 2020|From dailypriceaction.com|3 comments

Two days ago, I wrote about a scenario that would turn GBPUSD bearish. The 1.2960 region is the location of ascending channel support that extends from the 2019 low. Although the GBPUSD hasn’t closed below that level yet, the pair did take out ...

Submitted Feb 1, 2020|From dailypriceaction.com

In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, EURJPY, and XAUUSD through February 7, 2020. The EURUSD broke down on January 3rd. We waited several weeks for a breakout, and I discussed how a ...

Submitted Jan 30, 2020|From dailypriceaction.com

On January 28th, I discussed a confluence of resistance for USDJPY. The intersection of the November 2018 trend line and Friday’s close meant that any retest of 109.20/30 was bound to attract sellers. To be more precise, Friday’s close was 109.27. I ...

Submitted Jan 29, 2020|From dailypriceaction.com

I discussed the GBPJPY on January 24th. In that post, we reviewed the likelihood of a move lower from the pair. Even the title of that post suggested that I was bearish. Fast forward to today, and GBPJPY is off those levels by more than 100 pips. ...

Submitted Jan 28, 2020|From dailypriceaction.com

The USDJPY is hovering just below a confluence of resistance. I wrote about the November 2018 trend line on January 23rd. If you read that post, you know I wasn’t interested in buying USDJPY. Just the opposite, in fact. Here’s what I wrote: To ...

Submitted Jan 27, 2020|From dailypriceaction.com

The AUDUSD has closed below three critical areas since Friday. I wrote about the smaller ascending channel here on January 16th. You can see how the bottom of that ascending channel interested with the AUDUSD near 0.6830. The second and third key ...

Submitted Jan 24, 2020|From dailypriceaction.com|3 comments

The GBPJPY has been the most resilient yen pair lately. It has even outpaced the USDJPY, which often performs better than the yen crosses due to the US dollar’s status as a global currency. But nothing lasts forever, and the GBPJPY is not immune to ...

Submitted Jan 23, 2020|From dailypriceaction.com

USDJPY is sitting on a must-hold level for buyers. I mentioned this trend line on January 11th. It extends from the November 2018 high and connects with the April 2019 high as well as several highs last December. Despite breaking above this ...

Submitted Jan 23, 2020|From dailypriceaction.com

I discussed the EURJPY in Saturday’s Forex forecast video. The key takeaway from that analysis was the ascending channel that extends from the 2019 low that developed last September. It’s the same channel I pointed out on January 6th. Notice how the ...

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

The EURUSD is holding above key support ahead of Thursday’s ECB decision. The confluence of support at 1.1075 is the same one we’ve discussed since December 27th of last year. It’s also the area that needs to break down for the EURUSD to regain its ...

Submitted Jan 22, 2020|From dailypriceaction.com

CADJPY buyers are closing in on a significant resistance level. The descending channel that extends from the 2018 high will undoubtedly attract sellers if tested. That channel resistance is now less than 100 pips from today’s price. So, will CADJPY ...