Submitted Apr 7, 2019|From dailypriceaction.com|1 comment

EURUSD carved one of its more narrow ranges last week. In fact, the single currency ended the week just 12 pips below Monday’s open. I pointed out this 1.1180/90 support area last week. The area triggered the early March bounce and also illustrated ...

Submitted Apr 5, 2019|From dailypriceaction.com|1 comment

Recently I’ve been discussing an ascending channel on GBPAUD. Since late last year, the pound cross has been trading in a 1,440 pip range. I pointed this out a month ago on March 4th. But since the December 2018 low, GBPAUD has carved an ascending ...

Submitted Apr 4, 2019|From dailypriceaction.com

AUDNZD buyers are doing their part following Tuesday’s breakout. On Monday I wrote a post stating that a close above the confluence of resistance at 1.0450 would expose 1.0670. Tuesday’s 1.0465 close did just that. And yesterday I pointed out how ...

Submitted Apr 3, 2019|From dailypriceaction.com|1 comment

The AUDNZD continues to climb following the March 27th rally. I wrote about the pair this past Monday. At the time, AUDNZD was still trading below a confluence of resistance at 1.0450. However, the way the pair had been hovering just below the area ...

Submitted Apr 3, 2019|From dailypriceaction.com

Crude oil is on a tear so far this week. It started with the March 28th bullish pin bar from the 58.20 support area. Fast forward to this week, and crude is trading up around 62.60. It’s been an impressive four-day rally to be sure. However, buyers ...

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

Last Thursday I wrote a post about the end of the GBPUSD relief rally. At the time, the pound was still trading above key trend line support. However, the way sellers pressured the level throughout March was an early indication that it may not hold ...

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

With the next RBA (Reserve Bank of Australia) rate decision and statement just around the corner, it’s a good time to refresh our memory of the AUDUSD technical landscape. And just so there are no false hopes, the AUDUSD technicals haven’t been the ...

Submitted Mar 31, 2019|From dailypriceaction.com|18 comments

EURUSD suffered a significant false break a couple of weeks ago. Buyers cleared trend line resistance following the March 20th Fed rate decision and statement. However, sellers were quick to extinguish those gains. By the 22nd, euro bears had ...

Submitted Mar 29, 2019|From dailypriceaction.com|7 comments

Back on March 22, I wrote that GBPJPY is vulnerable below 147.00. That area was former rising wedge support which would have likely attracted sellers if tested as new resistance. As you can see from the chart below, GBPJPY has only managed to climb ...

Submitted Mar 28, 2019|From dailypriceaction.com

The GBPUSD is at risk of breaking below a significant support level. I’ve been commenting on the trend line from the year-to-date low since it became a factor in late February. It has single-handedly supported the 2019 rally effort. However, the ...

Submitted Mar 27, 2019|From dailypriceaction.com

This past Monday I wrote about how gold had reached a confluence of resistance at 1322. It’s the intersection of rising wedge resistance and a horizontal level that has played a role since January 2018. When I wrote Monday’s post, the market was ...

Submitted Mar 27, 2019|From dailypriceaction.com

The RBNZ statement earlier today has rocked the New Zealand dollar. You can always tell if the outcome of an event was relatively expected or not by the market’s reaction to it. In the case of the NZDUSD, I think it’s safe to say the market was ...

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

Earlier today I wrote about a 500-pip opportunity on GBPAUD. It isn’t confirmed yet, but it does appear to be just days away now. It’s only fitting then to have a similarly sized opportunity developing on the pair’s counterpart, the GBPNZD. This one ...

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

We’ve been tracking this 1,440 pip range on GBPAUD since March 4th. The area between 1.7280 support and 1.8720 resistance has kept the pair contained since August of last year. Extensive ranges like this one can offer excellent opportunities. But ...

Submitted Mar 25, 2019|From dailypriceaction.com

February 28th was the last time I wrote about gold, at least on the public site. The market was in the process of breaking rising wedge support at 1318. The breakdown that followed set us up with a target of 1280. Here’s what I wrote on the 28th of ...

Submitted Mar 25, 2019|From dailypriceaction.com

NZDJPY continues to consolidate below a long term resistance level. The trend line in the chart below extends from late December 2014 and has capped every advance since. You’ll notice, however, that NZDJPY hasn’t carved a new swing low since ...

Submitted Mar 24, 2019|From dailypriceaction.com

Technically speaking, EURUSD bulls had everything going their way last week. That is until Thursday’s pullback. I’ve had this falling wedge pattern on my chart for several weeks now. Usually, a descending structure like this one triggers a break ...

Submitted Mar 22, 2019|From dailypriceaction.com|2 comments

Yesterday I pointed out a USDJPY pattern with bearish implications. The broadening wedge that extends from the January 4th low signaled exhaustion from buyers. This was in addition to Wednesday’s Fed-induced break below 111.00. In fact, that close ...

Submitted Mar 22, 2019|From dailypriceaction.com|2 comments

GBPJPY broke below a critical support level on Wednesday. Shortly after the Fed rate decision and statement at 2 pm EST, the GBPJPY closed the day below wedge support at 5 pm EST. Sellers followed through on Thursday pushing the pair lower by nearly ...

Submitted Mar 21, 2019|From dailypriceaction.com

This past Tuesday, I wrote about a possible breakout situation for USDJPY. More specifically, I wrote that the Fed would likely produce the breakout. Fast forward to Wednesday’s close and you can see how the USDJPY is now trading below the 111.00 ...