Submitted Jan 6, 2019|From dailypriceaction.com

EURUSD continued its sideways movement below the 1.1450 resistance area last week. This has been the case since October 24, 2018. However, the 1.1300 area has been there to support the euro since late November of last year. In fact, the pair has ...

Submitted Jan 5, 2019|From dailypriceaction.com|6 comments

NZDUSD buyers were determined to close the pair above 0.6700 this week. As a result, the pair has carved a bullish pin bar on the weekly time frame. This will likely trigger a move higher next week. Not only has 0.6700 been a key factor for NZDUSD ...

Submitted Jan 4, 2019|From dailypriceaction.com

EURGBP has been in rally mode since mid-2015. After reaching a multi-year low at 0.6930, the euro cross quickly bounced back, putting in a multi-year high in October 2016. However, you wouldn’t know the EURGBP is in an uptrend looking at the price ...

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

On December 18th I pointed out a EURJPY selling opportunity. The risk-sensitive pair had been trading within an 800 pip range since late February. The range floor was 125.00, and the range ceiling was 133.00. With EURJPY trading at 127.80 on ...

Submitted Dec 31, 2018|From dailypriceaction.com|10 comments

GBPUSD bulls are finally on the move after weeks of consolidation. Today’s surge isn’t a surprise though. Since December 21st, I’ve been discussing how the market has refused to sell off from 1.2700 resistance. That alone suggested an eventual move ...

Submitted Dec 30, 2018|From dailypriceaction.com

The EURUSD is set to start the week in a familiar range. Since October 24th, the single currency has been capped by 1.1450 on a daily closing basis. The low for the range is 1.1215, although 1.1300 has been the primary defensive position for bulls. ...

Submitted Dec 28, 2018|From dailypriceaction.com|9 comments

On Christmas Eve I wrote about a possible bullish pattern on EURUSD. Since coming off the multi-year high in April 2018, the euro has carved what appears to be a falling wedge. We viewed the structure on the weekly chart on Monday, but the daily ...

Submitted Dec 27, 2018|From dailypriceaction.com

AUDJPY just retested new resistance at 78.70. I wrote about this area on Sunday. It previously served as range support for the pair in early September and again in late October. The December 21 close at 78.15 meant that any retest of 78.70 would ...

Submitted Dec 26, 2018|From dailypriceaction.com|2 comments

At the end of last week I cautioned GBPUSD shorts. The way the pair bounced on December 12th signaled that the recent downtrend may have reached a short-term bottom. But what really caught my eye was the way price action was hovering just below the ...

Submitted Dec 24, 2018|From dailypriceaction.com|3 comments

Over the weekend I hinted at a large wedge pattern on EURUSD. I figured I’d wait for the new year to comment on it further. However, I’m not so sure the market is going to wait. Now, I want to start by saying that the trend is still bearish. That ...

Submitted Dec 23, 2018|From dailypriceaction.com

Last Thursday I wrote that EURUSD bulls had more work to do. The level in focus was 1.1450. It has served as a pivot of sorts since the euro closed below it on October 24th. In fact, the 1.1450 area acted as support even before that breakdown. As ...

Submitted Dec 21, 2018|From dailypriceaction.com|19 comments

It’s no secret that GBPUSD has been under pressure since April. The pair is down 1,700 pips following the 2,500 rally that commenced in October of 2016. More recently, the pound has struggled since closing below the 1.2700 handle on December 10th. ...

Submitted Dec 20, 2018|From dailypriceaction.com|1 comment

On December 17th I wrote how the clues pointed to a USDJPY break lower, not higher. That turned out to be the understatement of 2018. At the time, USDJPY was still trading within the wedge pattern I first pointed out on December 2nd. But by the ...

Submitted Dec 20, 2018|From dailypriceaction.com|4 comments

EURUSD bulls are trying to break free, but aren’t quite there, yet. From a technical perspective, the euro has been a mess. There’s no other way to say it. Ever since the pair dropped below the 1.1450 area on October 24th, we’ve seen nothing but ...

Submitted Dec 18, 2018|From dailypriceaction.com

Last week I mentioned a pending 300-pip opportunity on EURJPY. The trend line support that extends from the August low at 124.90 appears to be the only thing propping up the risk-sensitive pair. Given what I saw on other yen pairs including CADJPY ...

Submitted Dec 17, 2018|From dailypriceaction.com

The USDJPY is still consolidating within a narrowing wedge pattern. I’ve written about it several times in recent weeks including December 2nd and again on the 11th. I even mentioned it in yesterday’s weekly forecast. Speaking of Sunday’s ...

Submitted Dec 16, 2018|From dailypriceaction.com

EURUSD finally showed its hand on Friday. I wrote about the wedge pattern you see below on Wednesday of last week. At the time, the euro had just bounced from support near 1.1320. However, we were still waiting for a breakout. That move came just ...

Submitted Dec 14, 2018|From dailypriceaction.com

EURJPY has been range bound for the better part of 2018. It isn’t obvious though if you’re only viewing the last couple months of price action. Since bottoming out in late October, EURJPY hasn’t managed to do a whole lot. In fact, since November ...

Submitted Dec 13, 2018|From dailypriceaction.com

Last week I discussed a breakdown on CADJPY that could result in a 400-pip drop. The ascending channel in question extends from the year-to-date low of 80.55. I first pointed out this pattern back on October 29th. Sellers cleared (former) channel ...

Submitted Dec 12, 2018|From dailypriceaction.com

EURUSD has traversed the full range of this recent consolidation period. On Sunday, I pointed out how a daily close above the 1.1430 area would likely turn the pair bullish. But as you can see, buyers hit a wall on Monday and weren’t able to ...