Submitted May 23, 2019|From dailypriceaction.com|6 comments

The EURUSD is bouncing hard from a support level I mentioned on Sunday. The 1.1110 level supported the single currency on April 26th. That marked a multi-year low for the pair and triggered a 150 pip bounce. In other words, you wouldn’t want to ...

Submitted May 22, 2019|From dailypriceaction.com

Yesterday I wrote about a potential selling opportunity on EURCAD following a daily close below 1.4950. It’s no coincidence that the pair is bouncing today after closing above 1.4950 yesterday. Another Canadian dollar cross that could set up for us ...

Submitted May 21, 2019|From dailypriceaction.com

On April 9th I pointed out a key trend line support for EURCAD. And this isn’t just any trend line. The level dates back to September 2017 making it a twenty-month support level. In most cases, I would be interested in buying from a level like this. ...

Submitted May 20, 2019|From dailypriceaction.com

EURNZD reached a critical level earlier this month. The area just above 1.7100 has served as a key handle since July of last year. In fact, it’s been a factor to some degree since late 2017. You can see where EURNZD sold off from this 1.7100 region ...

Submitted May 17, 2019|From dailypriceaction.com

On Tuesday I wrote about the potential for GBPNZD to weaken further below 1.9660. The pair was about to close the day below rising wedge resistance. It was significant given how GBPNZD had broken to the upside of this level back on May 1st. As I’ve ...

Submitted May 13, 2019|From dailypriceaction.com

The USDJPY is under pressure again today after gapping down last week. I wrote about how the pair was at risk of closing below 111.00 at the start of last week. That was a big moment for the risk-sensitive pair. Last Monday’s close below 111.00 ...

Submitted May 12, 2019|From dailypriceaction.com|2 comments

The EURUSD broke a short-term resistance level on Friday. It isn’t what I would consider a significant breakout, though. There is also a ton of overhead resistance due to the choppy price action since late last year. But if Friday’s session did ...

Submitted May 10, 2019|From dailypriceaction.com|2 comments

NZDUSD has tested channel resistance again today. I mentioned this descending channel on May 2nd when the pair was on its way to retest horizontal support at 0.6590. That level actually broke down on Wednesday. You can even see where the daily chart ...

Submitted May 9, 2019|From dailypriceaction.com

On Monday I wrote how Monday’s gap down on USDJPY could leave the pair vulnerable. But it was more about the 111.00 handle than the act of gapping lower. You can see how 111.00 has served as a pivot for USDJPY since mid-February. In fact, the level ...

Submitted May 8, 2019|From dailypriceaction.com

Last Friday I discussed a potential 500-pip opportunity on GBPJPY. The wedge that began earlier this year spans 500 pips from top to bottom. As such, any break from the pattern could traverse a similar distance. Friday’s session closed above wedge ...

Submitted May 7, 2019|From dailypriceaction.com

On April 24th I wrote about how AUDJPY was unlikely to encounter much demand until 77.50. The idea came about because of the false break above 79.80. As is often the case, that false break triggered an aggressive and lasting move in the opposite ...

Submitted May 7, 2019|From dailypriceaction.com

I have written about GBPNZD a few times recently. I even mentioned that it could be the top trade idea of 2019 back on April 26th. The premise of the idea was a rising wedge pattern. This particular formation is a bit unique in that the upper level ...

Submitted May 6, 2019|From dailypriceaction.com

The EURUSD continues to chop around this week without much direction. This has been the theme throughout 2019. In fact, the euro hasn’t been the most favorable currency pair to trade since this time last year. More recently, it seemed the 1.1180 ...

Submitted May 3, 2019|From dailypriceaction.com

On April 25th I discussed how gold had a critical decision to make. The market needed to decide whether it was going to break below the trend line from the 2018 low or above the trend line from the year-to-date high. You can see where sellers tested ...

Submitted May 3, 2019|From dailypriceaction.com|15 comments

GBPJPY has been in consolidation mode since climbing above 143.80 on February 19th. It wasn’t the most apparent level before, but that has changed. The 143.80 area is now a critical support level. It’s also one that is single-handedly propping up ...

Submitted May 2, 2019|From dailypriceaction.com

On April 26th, I wrote about a bearish reversal pattern on WTI. In fact, there were two reasons to take a relatively bearish stance on crude oil this week. The first was the bearish rejection candle on the weekly time frame. That pattern was also a ...

Submitted May 2, 2019|From dailypriceaction.com|3 comments

The short-term downtrend on NZDUSD began on March 21st. That was when the pair reached the range resistance that has been in place since January. And at the other end, NZDUSD just recently bounced from range support. During this latest selloff, the ...

Submitted May 1, 2019|From dailypriceaction.com|3 comments

GBPUSD bulls have been on a tear so far this week. They even took out a key horizontal level near 1.3000 during yesterday’s session. You can see how this area supported the pair in March and April. However, buyers are approaching a level that has ...

Submitted Apr 30, 2019|From dailypriceaction.com

I wrote about a potential turn lower for WTI on Friday. The weekly bearish engulfing candle hinted at exhaustion from buyers. And the fact that it occurred below the 64.00 handle certainly helped. Additionally, WTI had closed the day and week back ...

Submitted Apr 29, 2019|From dailypriceaction.com|1 comment

Back on April 5th, I wrote that I favored GBPAUD shorts below 1.8500. We had been watching this ascending channel for several weeks before the break on March 29th. However, buyers closed the pair back inside the channel on a daily closing basis on ...