Submitted Dec 11, 2018|From dailypriceaction.com|2 comments

Just when it looked like USDJPY would break down on Monday, buyers came to the rescue. I first pointed out this wedge pattern on December 2nd. We discussed it again on the 6th ahead of non-farm payroll. The USDJPY was testing support at 112.40 when ...

Submitted Dec 9, 2018|From dailypriceaction.com

This week promises to be a big one for EURUSD. Not only is there a significant Brexit vote on Tuesday, but we also have an ECB rate decision and presser on Thursday. Although the Brexit vote will mainly target the pound, the euro won’t escape the ...

Submitted Dec 7, 2018|From dailypriceaction.com|17 comments

On Monday we looked at a EURUSD pattern that reminded us to stay flexible. It hints at a possible bullish reversal within a longer-term downtrend. But I’ll repeat what I wrote Monday: this pattern requires a daily close above the 1.1430 area to ...

Submitted Dec 6, 2018|From dailypriceaction.com|4 comments

GBPUSD may have just cleared wedge resistance from the November high. We’ve been tracking this level since December 3rd. However, despite the volatility, market participants have been unable to break free on a daily closing basis. Until yesterday ...

Submitted Dec 6, 2018|From dailypriceaction.com

On Sunday I pointed out a possible wedge pattern on USDJPY. The upper level extends from the year-to-date high near 114.50. It came under pressure on November 28th, but sellers held their ground. The lower level begins with the August low at 109.77. ...

Submitted Dec 5, 2018|From dailypriceaction.com|9 comments

GBPUSD continues to coil for what could be an aggressive breakout. The consolidation pattern you see in the chart below has formed a wedge. I mentioned this narrowing price action on Monday. Usually, the longer a market takes to break from a ...

Submitted Dec 4, 2018|From dailypriceaction.com

I first mentioned the EURCAD wedge pattern on November 19th. At the time, we didn’t have the short-term trend line support you see in the chart below. That’s a new development as of yesterday. But even without that lower level at 1.4950, the ...

Submitted Dec 3, 2018|From dailypriceaction.com|11 comments

GBPUSD is at a crossroads. On the one hand, the pound is hovering just above key support at 1.2700. I mentioned this level last week and again on Sunday. And on the other, yesterday’s session tested a short-term resistance level that could be ...

Submitted Dec 3, 2018|From dailypriceaction.com|1 comment

The EURUSD has been indecisive of late, to say the least. It’s become the epitome of the “holiday lull” I often discuss this time of year. The lack of liquidity around the year-end holiday season prompts sideways movement such as this. Yesterday I ...

Submitted Dec 2, 2018|From dailypriceaction.com|3 comments

We’ve now witnessed two false breaks from EURUSD in the last couple of weeks. The first was the daily close above 1.1430 on November 19th. Buyers surrendered those gains the very next day. The result was a bearish engulfing pattern. Last Tuesday’s ...

Submitted Nov 30, 2018|From dailypriceaction.com

EURCAD bulls just came within a few pips of breaking out from a long-standing trend line resistance. I mentioned the trend line that extends from the June high back on November 19th. It forms the upper portion of what could be a descending wedge of ...

Submitted Nov 29, 2018|From dailypriceaction.com

On Monday I wrote how the NZDJPY bullish outlook hinged on 77.30. It’s the location of descending channel resistance from the July 2017 high. I was mostly neutral at the time. However, I was leaning toward a bullish view given the way the pair was ...

Submitted Nov 27, 2018|From dailypriceaction.com

I’ve commented on the 560-pip range on GBPUSD a few times in recent weeks. The latest came in Sunday’s forecast. I pointed out that, although range support at 1.2700 is intact, the lower highs of late could spell trouble for buyers. Notice how ...

Submitted Nov 26, 2018|From dailypriceaction.com

NZDJPY has been trending lower since July 2017. The lower highs and lower lows since the 2017 high at 83.90 tell the story. But since late October, buyers have had their way. The NZDJPY managed to claw back more than 500 pips since the quadruple ...

Submitted Nov 25, 2018|From dailypriceaction.com

I flipped from relatively bearish the EURUSD to bullish in mid-November. The aggressiveness of the bounce at 1.1215 followed by the daily close back above 1.1300 caused me to question my bearish outlook. In fact, I even went long on November 16th at ...

Submitted Nov 23, 2018|From dailypriceaction.com

On November 12th I discussed a potential short opportunity on EURNZD. Sellers were targeting 1.6570 after breaking below key support at 1.6800. At the time, the euro cross was trading just above 1.6700. But instead of retesting old support as new ...

Submitted Nov 21, 2018|From dailypriceaction.com

USDJPY has broken below trend line support that extends from the year-to-date low. But this isn’t the first time. You may recall the October 26th breakdown. We had waited several weeks for that close. Unfortunately, it turned out to be a false ...

Submitted Nov 20, 2018|From dailypriceaction.com

Back on October 29th, I discussed a pattern on CADJPY that could produce a 400-pip move. At the time, the pair was trading at 85.80 or about 80 pips above today’s price. The ascending channel from the year-to-date low at 80.50 is what caught my ...

Submitted Nov 19, 2018|From dailypriceaction.com

It’s no secret that EURCAD is well off its year-to-date high. In fact, even after last week’s rally, the euro cross is off its March high by more than 1,000 pips. However, the pair has actually been trending higher since the 2012 low. It isn’t the ...

Submitted Nov 18, 2018|From dailypriceaction.com

I’ve gone from being quite bearish EURUSD to relatively bullish, all in the span of a week. I went into last week short the euro. The bearish rejection at 1.1430 resistance was enough for me to open a small short position. My target was 1.1130. ...