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- Submitted Jun 16, 2019|From dailypriceaction.com
The EURUSD put in what appears to be another false break last week. This has been a common theme throughout 2019. It’s why I have avoided buying the pair for the majority of the year. Friday’s close back below 1.1260 suggests we could see another ...
- Submitted Jun 15, 2019|From dailypriceaction.com
I wrote about GBPCAD on June 4th and again on the 7th. The idea both times was simple. The pair had carved a massive ascending channel and was resting just above its key support level. However, the lower high in May combined with the heavy price ...
- Submitted Jun 12, 2019|From dailypriceaction.com|2 comments
The USDJPY is testing key resistance at 108.70 this week. I wrote about this level in the June 2nd weekly forecast. You can see where 108.70 served as a pivot back in January and early February. As long as this level holds as resistance on a daily ...
- Submitted Jun 10, 2019|From dailypriceaction.com|4 comments
Just yesterday I wrote about a potential NZDCAD selloff this week. The pair had carved a bearish pin bar on the weekly time frame after failing to retake the 0.8870 level last week. Furthermore, there was an ascending channel here that complimented ...
- Submitted Jun 9, 2019|From dailypriceaction.com|1 comment
Is this the time EURUSD buyers force a reversal, or will this turn out to be another false start? That’s likely the question on everyone’s mind as we start a new week. Nobody knows where EURUSD is going, or any market for that matter. But one thing ...
- Submitted Jun 7, 2019|From dailypriceaction.com
GBPCAD sellers came through in a big way on Thursday. I’ve written about this ascending channel pattern a couple times in recent weeks. Be sure to see my June 4th commentary if you missed it. Ironically, the GBPCAD broke channel support on the same ...
- Submitted Jun 6, 2019|From dailypriceaction.com
The EURGBP is a pair I don’t discuss often. It tends to be quite choppy, especially at turning points. Look no further than the hectic price action throughout March. However, this latest rally has caught my attention. Not because I want to join the ...
- Submitted Jun 5, 2019|From dailypriceaction.com|1 comment
The EURUSD surged above the range top at 1.1260 earlier today. But at the moment, buyers are struggling to hang on to the level as new support on an intraday basis. That isn’t a surprise, though. Euro bulls have struggled to gain any meaningful ...
- Submitted Jun 4, 2019|From dailypriceaction.com|1 comment
GBPCAD is behaving exactly as I thought it might. I wrote about the heavy price action here on May 30th, a term I use to describe a lack of buying pressure above a key support area. In the case of GBPCAD, that area is channel support near 1.7020. ...
- Submitted Jun 4, 2019|From dailypriceaction.com
On May 24th I wrote about an NZDUSD breakout. The pair had been in a steady decline since the late March highs at 0.6940. The market had also carved a well-defined descending channel. It became pretty evident back on May 24th that a daily close ...
- Submitted Jun 3, 2019|From dailypriceaction.com
EURNZD sellers cleared a key support level on Monday. I wrote about this ascending channel on Friday. I was relatively bearish given the false break above 1.7120 earlier in May. Furthermore, the pair was in the process of carving a bearish inside ...
- Submitted Jun 3, 2019|From dailypriceaction.com
I wrote about the AUDJPY last Wednesday. The idea was quite simple: wait for a close below the short-term range support at 75.40 followed by a retest of the area as new resistance. Step one was a close below 75.40, which Friday did without ...
- Submitted Jun 2, 2019|From dailypriceaction.com|1 comment
The EURUSD isn’t surprising anyone just yet. Predictably, last week was another failed attempt at a move higher. I wrote about the bullish candle on May 23rd. It was a potential double bottom, but buyers needed to clear that 1.1260 area before we ...
- Submitted May 30, 2019|From dailypriceaction.com
On May 22nd I wrote about a significant support level for GBPCAD. The ascending channel support that extends from the September 2017 low has directed the price action here for nearly two years. It single-handedly supported GBPCAD during the choppy ...
- Submitted May 29, 2019|From dailypriceaction.com
WTI is managing to stay above the key 58.00 support level for now. You can see where this area served as a pivot for the market between February and March. But despite Wednesday’s late-session rally, crude oil appears to have turned the corner at ...
- Submitted May 29, 2019|From dailypriceaction.com
The yen pairs have been under quite a lot of pressure recently. Even the USDJPY faltered in May, losing about 200 pips as of this writing. EURJPY is another one I pointed out recently. After falling below 122.65 on a daily closing basis on May 23rd, ...
- Submitted May 28, 2019|From dailypriceaction.com
The EURJPY is in the process of coming off new resistance at 122.65. I wrote about this idea just yesterday. Last Thursday’s close below 122.65 meant the area would likely serve as new resistance this week. Sure enough, we saw sellers defend the ...
- Submitted May 28, 2019|From dailypriceaction.com
I wrote about EURNZD in Sunday’s weekly forecast. The idea was straightforward. Because last week closed above 1.7120 and then failed to hold it as new support, the euro cross was likely to turn lower this week. As I often write, a false break to ...
- Submitted May 26, 2019|From dailypriceaction.com
The EURUSD bounced aggressively from multi-year support last week. I wrote about the 1.1110 area in last Sunday’s forecast. It supported the pair on April 26th and did so again last Thursday. As of today, the daily chart is starting to look like a ...
- Submitted May 24, 2019|From dailypriceaction.com
On May 10th I discussed the breakout potential for NZDUSD. The descending channel that extends from the March highs couldn’t last forever. That’s especially true when you consider its narrow range. Sure enough, today’s session is breaking out. ...