Submitted Aug 30, 2019|From dailypriceaction.com

Do you recall what happened to NZDUSD on July 30? The pair closed below ascending channel support that extends from the mid-June swing low. At the time, that 0.6490 area was the year-to-date low. I wrote about this breakdown on the 29th stating that ...

Submitted Aug 28, 2019|From dailypriceaction.com|1 comment

While markets are slow, it seems a good time to discuss the broader technical landscape for USDCAD. It’s a pair that hasn’t done much lately. The price action on the daily time frame is less than favorable. And even if you do identify an ...

Submitted Aug 27, 2019|From dailypriceaction.com

The Forex market hasn’t produced a ton of opportunities in August. But as I wrote last week, that isn’t surprising. August has always been one of the slower months for the markets, if not the slowest. One of the best things you can do when things ...

Submitted Aug 26, 2019|From dailypriceaction.com

The EURGBP is staying below the 0.9090 resistance level, at least for now. I wrote about this breakdown last week. The first was on August 19th when a combination of signals suggested a top was in place. The second commentary came on the 22nd as ...

Submitted Aug 26, 2019|From dailypriceaction.com|2 comments

The USDJPY is bouncing from a support level I wrote about on Sunday. The area between 104.70 and 105.00 is outlined by descending channel support and two lows from earlier this month. It’s why I’ve stated that selling USDJPY while above 104.70 is a ...

Submitted Aug 25, 2019|From dailypriceaction.com

EURUSD closed back above the 1.1110 handle last week. I discussed this level last Sunday as one that would likely serve as resistance. You can see how Monday and Thursday both stalled right at 1.1110 before selling off into the close. But despite ...

Submitted Aug 22, 2019|From dailypriceaction.com

On August 19th, I wrote about a potential EURGBP top. Although the uptrend was technically still intact, there were two reasons I liked the idea of looking for EURGBP shorts this week. The first signal occurred on the weekly time frame. Last week’s ...

Submitted Aug 21, 2019|From dailypriceaction.com

I wrote about GBPJPY on Sunday. The pair has been consolidating below new resistance at 129.60 since dropping below it on August 5th. However, one thing that caught my attention was the higher low between the 14th and 15th. That buying pressure led ...

Submitted Aug 20, 2019|From dailypriceaction.com|3 comments

The GBPUSD has recovered back above that 1.2100 handle into today’s close. Earlier this morning, the pair was trading well below it. In fact, the pound hit a low of 1.2064. But as you can see, the GBPUSD has recovered nicely into the close. I wrote ...

Submitted Aug 20, 2019|From dailypriceaction.com

August has been a lackluster month for finding quality opportunities. That isn’t surprising, though, as August has always been one of the slowest months for trading, if not the slowest. As the last full month of summer for many, it’s a popular time ...

Submitted Aug 19, 2019|From dailypriceaction.com

On August 14th, I discussed whether the USDJPY bounce was temporary or something more. The key takeaway from that post was that buyers needed to clear 106.80 on a daily closing basis to extend the rally that began at 105.00. While USDJPY bulls ...

Submitted Aug 19, 2019|From dailypriceaction.com

The EURGBP has been trending higher since May. That triple bottom at 0.8450 turned out to be a pivotal moment for the euro cross. Not only did buyers extend the pair higher by more than 800 pips following that May low, but they also took out the ...

Submitted Aug 18, 2019|From dailypriceaction.com

The EURUSD lost more ground last week after buyers failed to clear trend line resistance near 1.1200. I wrote about this level on August 13th. The fact that buyers weren’t able to clear that 1.1200 area was pretty telling. Last week’s rejection from ...

Submitted Aug 15, 2019|From dailypriceaction.com|17 comments

A few days ago I wrote about the GBPUSD. The pair was challenging the 1.2100 (new) resistance area after falling below it on August 9th. I also wrote about descending channel support at 1.2000 in Sunday’s post. The pound has caught a bid nicely from ...

Submitted Aug 14, 2019|From dailypriceaction.com|1 comment

The USDJPY is rebounding this week from the 105.00 support area. I wrote about the potential for a bounce from here in Sunday’s forecast. There is a descending channel that extends from the March low and April high. You can see how the pair ...

Submitted Aug 12, 2019|From dailypriceaction.com|4 comments

GBPUSD is rebounding today following Friday’s break below 1.2110 support. That area had served as support since the pair tested it on August 1st. It’s no surprise then to see that today’s high (so far) is 1.2106. Given that this 1.2100/10 area ...

Submitted Aug 11, 2019|From dailypriceaction.com

The EURUSD spent most of last week consolidating after Monday’s 100-pip rally. You can see how the pair has carved lower highs since Tuesday’s session, but buyers are managing to keep prices above that 1.1170/80 support area. This coiling action ...

Submitted Aug 8, 2019|From dailypriceaction.com|1 comment

The EURUSD continues to consolidate following Monday’s 100-pip rally. Tuesday’s session formed an indecision candle, and Wednesday was an inside day which illustrates more consolidation. So far, today’s price action hasn’t ventured outside ...

Submitted Aug 7, 2019|From dailypriceaction.com

Today’s price action is shaping up to be an impressive recovery from AUDUSD bulls. Although we still have one hour left in today’s session, buyers have reclaimed the 0.6750 area on a 4-hour closing basis. This 0.6750 region was our target following ...

Submitted Aug 7, 2019|From dailypriceaction.com|5 comments

NZDUSD is printing fresh multi-year lows today following last month’s break of channel support. I wrote about the pending breakdown on July 29th. We were waiting for a close below 0.6630 to get short with a target of 0.6490. The August 5th session ...