Submitted Feb 4, 2019|From dailypriceaction.com|1 comment

CADJPY has reached a confluence of resistance at 83.80. I mentioned this area on January 29th. It’s the intersection of ascending channel resistance and a former horizontal support level. The latter served as support between August and December of ...

Submitted Feb 1, 2019|From dailypriceaction.com|18 comments

For the last week, GBPUSD has been testing a key support area. I first discussed the idea of a bullish pound on January 15th. The outlook was contingent on the reaction to the Brexit vote. Buyers held their ground and are now up more than 400 pips ...

Submitted Jan 31, 2019|From dailypriceaction.com

Like other yen pairs, EURJPY has been consolidating since the January 3rd flash crash. You may recall the short setup that materialized in mid-December. The 200-pip target was reached in a hurry and was part of a substantial 900-pip drop. Given the ...

Submitted Jan 29, 2019|From dailypriceaction.com

CADJPY turned out to be one of our best trades in 2018. Following the close below ascending channel support on December 5th, the yen cross dropped 800 pips. I mentioned this short setup on December 5th. What’s incredible is that our 400-pip target ...

Submitted Jan 28, 2019|From dailypriceaction.com

NZDUSD bulls are still on the move despite setbacks earlier this month. On January 4th I commented on a weekly bullish pin bar. The pair had recovered back above key support at 0.6700 just before the weekend. The signal pointed to higher prices ...

Submitted Jan 27, 2019|From dailypriceaction.com

EURUSD has been a difficult pair to read so far in 2019. In fact, the single currency hasn’t done much since late October of last year. But the final 48 hours of last week did bounce from a significant support area I’ve had on my chart since last ...

Submitted Jan 25, 2019|From dailypriceaction.com

EURGBP broke below a key support level yesterday. On January 4th, I mentioned a wedge pattern that could produce a 400 pip move for the euro cross. We viewed the pattern on the weekly time frame. However, Thursday’s close below wedge support could ...

Submitted Jan 24, 2019|From dailypriceaction.com|12 comments

EURUSD began today’s session on a bearish note. After reaching a high of 1.1391, the euro lost just over 80 pips in a few short hours. However, the 1.1300 support handle offered relief for bulls. It’s an area I’ve pointed out several times since ...

Submitted Jan 23, 2019|From dailypriceaction.com

GBPUSD reached a twenty-month low on January 3rd. It didn’t receive much attention though, probably because it only lasted for a few minutes. The bullish pin bar that formed as a result of the January 3rd flash crash sent GBPUSD higher in a hurry. ...

Submitted Jan 22, 2019|From dailypriceaction.com

On January 4th I pointed out a bullish signal on NZDUSD. The weekly bullish pin bar pointed to further gains. It was particularly appealing because of the 0.6700 support handle just below it. Sure enough, the next week the NZDUSD rallied an ...

Submitted Jan 21, 2019|From dailypriceaction.com|1 comment

On Sunday I wrote about a potential short opportunity on AUDJPY. The pair reached a key resistance area last week at 78.70. It’s a region that served as support in September and October of last year. AUDJPY encountered selling pressure here last ...

Submitted Jan 20, 2019|From dailypriceaction.com

EURUSD had looked promising from a bullish standpoint. The breakout on January 7th signaled that falling wedge resistance from the April 2018 high would become support going forward. It did for a while, but buyers couldn’t keep the pair afloat last ...

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

The last time I discussed CADJPY was back on December 18th of last year. We were trading a bearish break from an ascending channel that began in 2016. In fact, there were two channels in play at the time. Within nine trading days, CADJPY fell an ...

Submitted Jan 16, 2019|From dailypriceaction.com

EURUSD bulls are hanging by a thread. I’ve been discussing the falling wedge since December 24th. Resistance extends from April 2018 and support began in November of 2017. On January 7th, euro bulls took out resistance which at the time was near ...

Submitted Jan 15, 2019|From dailypriceaction.com|2 comments

I figured it was only fitting to discuss GBPUSD again given today’s much anticipated Brexit vote. Last week I pointed out how a close above falling wedge resistance could trigger a move higher. At the time, that level came in near 1.2800. Buyers got ...

Submitted Jan 14, 2019|From dailypriceaction.com

The EURUSD broke a key level early last week. I’ve discussed the importance of falling wedge resistance for several weeks now. However, the late week pullback raised some doubts among buyers. Anytime a market gives up nearly 100 pips of gains in two ...

Submitted Jan 13, 2019|From dailypriceaction.com

EURUSD bulls broke through a significant level last week. Monday’s 1.1474 close confirmed the break of falling wedge resistance that extends from April 2018. I discussed this pattern on Christmas Eve. Tuesday’s session was mostly consolidation. But ...

Submitted Jan 11, 2019|From dailypriceaction.com|5 comments

GBPUSD has been trending lower since April 2018. At the January 3rd flash crash low, the pair was down nearly 2,000 pips from the April 2018 high. There’s no doubting the fact that sellers have been in control. However, there is a pattern that ...

Submitted Jan 10, 2019|From dailypriceaction.com|24 comments

EURUSD has played out well for us so far this week. Back on December 24th, I wrote about the potential for a rally in 2019. However, the idea required a daily close above wedge resistance near 1.1450. It wasn’t until January 7th that euro bulls ...

Submitted Jan 8, 2019|From dailypriceaction.com

A few days ago on January 3rd, I wrote about a USDCAD short opportunity. At the time, the pair was trading at 1.3513. It was also hours away from closing back inside an ascending channel that began in early October. Although USDCAD didn’t retest the ...