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

EURUSD broke a significant support level last week. The 1.1180 level had supported the single currency since the beginning of March. However, Wednesday’s 1.1152 close means that any retest of the 1.1180 area will likely encounter sellers. We saw ...

Submitted Apr 26, 2019|From dailypriceaction.com|7 comments

GBPNZD could turn out to be one of the better opportunities of 2019. That’s a bold statement, I know, but the technicals here are very convincing. I first wrote about this wedge pattern on March 26th. Back then the pair was trading at 1.9113. It had ...

Submitted Apr 25, 2019|From dailypriceaction.com

On April 16th I wrote about a significant breakdown for gold. The market had just cleared key support at 1280, an area that had held the market above it throughout 2019. However, I also pointed out a confluence of support at 1260 in that same post. ...

Submitted Apr 25, 2019|From dailypriceaction.com

The EURUSD broke a significant level on Wednesday. I wrote about the 1.1180 level on Tuesday noting that a daily close below it would expose the 1.1050 region. Wednesday’s 1.1152 close put the single currency well below the 1.1180 handle on a daily ...

Submitted Apr 24, 2019|From dailypriceaction.com

Before April 12th, the AUDJPY had spent three months in a 230 pip range. That 80.31 close on the 12th made it look as though the pair was ready for the next leg up. But it wasn’t meant to be. Despite catching a bid at 79.80 for several days, the ...

Submitted Apr 23, 2019|From dailypriceaction.com

Last Thursday I wrote about a potential CADJPY selling opportunity. The rising wedge that extends from the March low at 81.63 suggested that buyers were tiring. A few hours after I published Thursday’s post, CADJPY broke wedge support. And after a ...

Submitted Apr 22, 2019|From dailypriceaction.com

GBPUSD broke a key support area last week. In fact, the pair breached two key support levels last week. The first was ascending channel support near 1.3050, and the other was the horizontal level at the 1.3000 handle. As a sign of the market’s ...

Submitted Apr 21, 2019|From dailypriceaction.com

EURUSD appears to be on its way to retest 1.1180 for the third time. The single currency bounced from here earlier this month, but Thursday’s selloff looks to have extinguished the short-term bullish momentum. At this point, my base case is for a ...

Submitted Apr 19, 2019|From dailypriceaction.com|3 comments

At the start of the week, I pointed out a wedge pattern on GBPUSD. Since climbing above the 1.3000 handle on February 19th, the pair has held above the level on a daily closing basis. Until yesterday’s session… Thursday’s 1.2983 close puts the pound ...

Submitted Apr 18, 2019|From dailypriceaction.com|1 comment

Like the rest of the yen crosses, CADJPY has been directionless for the better part of this year. The pair has been ranging between 81.70 and 84.00 since early March. But sometimes these ranges can offer opportunities. For instance, the CADJPY price ...

Submitted Apr 17, 2019|From dailypriceaction.com

Yesterday I pointed out how AUDUSD buyers needed a daily close above 0.7165. That’s the location of former descending channel resistance. As we know, old resistance becomes new support. And that’s exactly what has happened with AUDUSD so far this ...

Submitted Apr 17, 2019|From dailypriceaction.com

Gold just dropped below a level that has held as support all year. The 1280 level is one that I’ve mentioned several times in 2019 including the February 28th commentary and again on March the 27th. Both times the 1280 area was our target. However, ...

Submitted Apr 16, 2019|From dailypriceaction.com

AUDUSD bulls are fighting for survival today. After what appeared to be a close above former channel resistance (new support) at 0.7170 on Friday, the pair held above the level on Monday. That confirmed my suspicion that AUDUSD had indeed broken ...

Submitted Apr 15, 2019|From dailypriceaction.com

Earlier this month crude oil tested a confluence of resistance at 63.80/90. It’s the intersection of ascending channel resistance and a horizontal level that served as support during the second half of last year. The 63.80 level is also the 61.8% ...

Submitted Apr 15, 2019|From dailypriceaction.com|6 comments

The GBPUSD hasn’t been the most exciting currency pair lately. For nearly two months the pound has been consolidating against the U.S. dollar. And last week’s 115 pip range was the pair’s narrowest in years. However, if there’s one thing I know ...

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

After hovering below the March 2018 trend line for a few days last week, the EURUSD broke out on Friday. But we’ve been here before. Euro bulls broke this same trend line on March 20th yet failed to hold onto it as new support. By March 22nd, EURUSD ...

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

Back on February 26th, I wrote about the AUDUSD. I stated that “AUDUSD is a buy above 0.7240, but not before”. That comment was based on the trend line that extends from the December 2018 high which is also descending channel resistance. I wrote ...

Submitted Apr 11, 2019|From dailypriceaction.com|2 comments

The AUDNZD has been the best performer so far in April. Back on April 1st, I wrote a post about how the Australian dollar cross was gearing up for a bullish move. Or in my words, a “short-term pop”. The weekly bullish engulfing candle two weeks ago ...

Submitted Apr 10, 2019|From dailypriceaction.com|1 comment

On Monday I wrote about a key resistance area for EURUSD. The 1.1290 region is part of the March 2018 trend line. We’ve discussed this level several times over the last couple of months. Even though the pair cleared this resistance level for a few ...

Submitted Apr 8, 2019|From dailypriceaction.com

EURUSD bulls are on the move today after testing 1.1180 support last week. The bullish candlestick on April 2nd suggested an influx of buying pressure in the area. However, the price action late last week wasn’t all that convincing. Buyers are ...