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

Yesterday I commented on how EURUSD buyers weren’t backing down. The level in question was falling wedge resistance from the March 2018 high. I’ve commented on this wedge several times in recent weeks including the 12th and 15th of March. I even ...

Submitted Mar 20, 2019|From dailypriceaction.com

At first glance, it looks like this GBPUSD rally has stalled. But have buyers exhausted their resources or are market participants just hesitant in front of today’s Fed rate decision and statement? Maybe a little of both? I will say that major ...

Submitted Mar 19, 2019|From dailypriceaction.com|6 comments

My interest in EURUSD has increased tenfold in recent weeks. Not because the pair is producing quality setups. Far from it, in fact. No, I’m more interested now because the year-to-date price action is signaling that something more significant than ...

Submitted Mar 19, 2019|From dailypriceaction.com|1 comment

USDJPY is approaching a must-hold support level at 111.00. I mentioned the 111.00 handle in Sunday’s forecast. You can see how the level has served as a pivot since mid-February. In fact, the 111.00 area has played a role here since May of last ...

Submitted Mar 18, 2019|From dailypriceaction.com

EURUSD bulls are off to a fast start so far this week. Last Tuesday I mentioned the potential for another retest of wedge resistance near 1.1340/50. At the time, EURUSD was trading at 1.1280. Today we’re seeing that retest come to fruition. Now, ...

Submitted Mar 17, 2019|From dailypriceaction.com|4 comments

I ended last week with a post about the indecisive EURUSD. As uneventful as the last few months have been, this week could hold the key to a significant moment for the single currency. As of Friday’s close, EURUSD is only 30 pips below a critical ...

Submitted Mar 15, 2019|From dailypriceaction.com|7 comments

On Tuesday I wrote how the EURUSD might be on its way to test the 1.1340/50 resistance area. Friday’s session did just that. EURUSD reached a session high of 1.1344 today before running into sellers. However, a look at the daily time frame shows how ...

Submitted Mar 15, 2019|From dailypriceaction.com|4 comments

USDCAD has spent the better part of 2019 moving sideways. However, the price action in early March saw buyers take advantage of what appears to be a bottoming pattern. The inverse head and shoulders below could be indicative of a move higher. You ...

Submitted Mar 14, 2019|From dailypriceaction.com

CADJPY has worked out well for us so far this year. It all started when the pair was approaching former channel support as new resistance at 84.50. You can see that commentary here. The Canadian dollar cross then carved a sell signal on March 1st. ...

Submitted Mar 13, 2019|From dailypriceaction.com

GBPUSD caught a bid this week at a level I mentioned on Sunday. The short-term trend line that extends from the year-to-date low is propping up the pair at the moment. However, buyers slipped yesterday after retesting the 1.3200 resistance level. ...

Submitted Mar 12, 2019|From dailypriceaction.com

On Sunday I discussed a potential support area for the EURUSD. The descending channel that began developing earlier this year is triggering a bounce so far this week. While it’s still early to think about buying the euro, I do believe the price ...

Submitted Mar 11, 2019|From dailypriceaction.com

GBPJPY could be on the verge of breaking down. Since January 3rd, the risk-sensitive pair has been in rally mode. Buyers managed to claw back nearly 1,500 pips year-to-date. However, a view of the price action since this time last year depicts a ...

Submitted Mar 7, 2019|From dailypriceaction.com

EURUSD is down again today following remarks from ECB President Mario Draghi. That isn’t a surprise though. Technically speaking, the euro has been trending lower for more than a year now. The single currency is down 1,300 pips since the February ...

Submitted Mar 6, 2019|From dailypriceaction.com

Like other yen pairs, NZDJPY has been trending higher since January 3rd. The pair is off its year-to-date low by more than 600 pips despite some recent weakness. However, the ascending channel below illustrates a bit of fatigue from buyers. An ...

Submitted Mar 5, 2019|From dailypriceaction.com

USDJPY bulls have been in control since the January 3rd flash crash. The selloff on the 3rd put an end to the decline that started with the December 19th break of wedge support. Ironically, USDJPY bulls are nearing those pre-break levels at 112.70. ...

Submitted Mar 5, 2019|From dailypriceaction.com

The EURUSD hasn’t been the most exciting pair to trade lately. If you’re a scalper you may be having a field day with all of these 30 to 40 pip moves north and south. But for a swing trader like myself, it’s been a snooze fest. Here’s the daily ...

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

On February 25th I pointed out the 84.50 resistance area on CADJPY. It’s a level that has influenced the pair since last December. You may recall the December 18th breakdown that was good for 650 pips. My suspicion came to fruition last Friday. ...

Submitted Mar 4, 2019|From dailypriceaction.com

For the past year, GBPAUD has been caught in a 1,440 pip range. The 1.7280 area has served as support since August of last year while the 1.8720 region has attracted sellers beginning with the October 2018 selloff. Last week tested the 1.8720 area. ...

Submitted Mar 3, 2019|From dailypriceaction.com

EURUSD bulls had a strong start last week but lost momentum on Wednesday. The final two sessions of the week carved long upper wicks, but I don’t see this as a selling opportunity. For one, I don’t think the euro tested descending channel resistance ...

Submitted Mar 2, 2019|From dailypriceaction.com|6 comments

Remember the 84.50 resistance area on CADJPY? I pointed out this area on the 25th of February. The reason I continue to like the 84.50 area is that it’s the former ascending channel support that extends from the 2016 low. You may recall how this ...