Submitted Nov 16, 2018|From dailypriceaction.com

Exactly one month ago, I pointed out a rather bullish looking pattern on NZDUSD. The descending channel that formed between June and October offered a strong hint that a trend change was around the corner. A channel like this following a strong move ...

Submitted Nov 15, 2018|From dailypriceaction.com|1 comment

A few days ago the EURUSD carved a new seventeen-month low. It came following the November 7th bearish rejection from the 1.1430 key level. Monday’s 1.1217 close meant that 1.1300 should begin acting as resistance. It’s what I wrote about shortly ...

Submitted Nov 14, 2018|From dailypriceaction.com

Last Friday I mentioned that it’s not a good time to be bullish gold. The market had just closed below the 1215 key level and looked ready to retest 1200. In fact, that’s exactly what I wrote in Sunday’s forecast: The most likely scenario, in my ...

Submitted Nov 13, 2018|From dailypriceaction.com

Just yesterday we looked at EURNZD. I highlighted the upward sloping flag that’s been developing since December of last year. As you probably know, EURNZD and GBPNZD often move in tandem. A pattern that forms on one is usually visible on the other. ...

Submitted Nov 13, 2018|From dailypriceaction.com

On Sunday I discussed how GBPJPY closed back below a certain key level before the weekend. That level is descending channel resistance from the year-to-date high. We have two patterns at work. The first is an ascending channel that broke down in ...

Submitted Nov 12, 2018|From dailypriceaction.com|4 comments

Last Tuesday I wrote that the future direction of EURUSD hinged on 1.1430. The very next day, sellers had their moment. The single currency reached a session high of 1.1500 on November 7th, but sellers forced a sub 1.1430 close. That was our signal ...

Submitted Nov 12, 2018|From dailypriceaction.com|2 comments

The multi-year uptrend for EURNZD looks to have run its course. In fact, the momentum began to slow in December of last year. Notice how the angle of the uptrend changed in late 2017. Instead of a parabolic move up, the EURNZD rally began to ...

Submitted Nov 11, 2018|From dailypriceaction.com

On November 6th I wrote that the future direction for EURUSD hinged on 1.1430. You can see how the single currency has pivoted from this area in recent months. The very next day on November 7th, buyers took the price to a session high of 1.1500. But ...

Submitted Nov 9, 2018|From dailypriceaction.com

It seems gold may be heading lower next week after all. I mentioned gains might be limited this past Monday due to a confluence of resistance near 1235. Sure enough, the 1235 resistance area held up all week. Then on Wednesday, sellers decided to ...

Submitted Nov 9, 2018|From dailypriceaction.com

On Sunday, I mentioned how the 1.3070 area might be a significant one for GBPUSD. Given the pair was trading below it at the time, it meant 1.3070 was resistance at the start of the week. But buyers didn’t hesitate during Tuesday’s rally. The pound ...

Submitted Nov 8, 2018|From dailypriceaction.com

It isn’t the prettiest head and shoulders pattern I’ve seen, but it could be one nonetheless. I’m referring to the EURCHF price action since late last year. It isn’t very clear from the daily time frame, but the weekly illustrates it quite well. As ...

Submitted Nov 8, 2018|From dailypriceaction.com

EURJPY bulls have made their presence known since the pair bounced from the 127.00 support area last month. So far, the market has clawed back 350 of the 650 pips lost between late September and October. Could that be a clue? Note that the 350 pip ...

Submitted Nov 7, 2018|From dailypriceaction.com

NZDUSD bulls are at it again. On Sunday, I discussed a potential buying opportunity just above 0.6600. The pair had just cleared descending channel resistance and was looking increasingly bullish. The recent bull move has been no surprise to readers ...

Submitted Nov 6, 2018|From dailypriceaction.com|1 comment

EURUSD bulls are once again pressuring the 1.1430 resistance level. We reviewed this area on Sunday where I noted that I was suspicious of last Friday’s selloff. It was the bullishness of Thursday’s bounce from 1.1300 support that caused me to doubt ...

Submitted Nov 5, 2018|From dailypriceaction.com

After reaching last month’s target at 66.00, U.S. crude oil broke yet another key level during the final session of October. We’ve had our eye on the ascending channel that stretches from the February low, and last Wednesday’s close sealed the ...

Submitted Nov 5, 2018|From dailypriceaction.com

The last time I mentioned gold was in the October 28th weekly forecast. At the time, the market was trading at 1233 and looked poised to test 1215 support given the recent bearish rejection candle that formed on the 26th. Here’s what I wrote on ...

Submitted Nov 4, 2018|From dailypriceaction.com|1 comment

Despite being relatively choppy since June, the one thing I can say in favor of EURUSD is how the pair is respecting key levels. For instance, last week found our target at 1.1300 before bouncing back to the 1.1430 resistance level. As you can see, ...

Submitted Nov 2, 2018|From dailypriceaction.com

Following a rather aggressive selloff in October, EURJPY has bounced back this week. Last Friday’s bullish pin bar hinted at an upcoming surge higher, and that’s exactly what we got this week. However, buyers are testing an area that could prove to ...

Submitted Nov 1, 2018|From dailypriceaction.com

I’ve been bearish GBPJPY since October 8th when the risk-sensitive pair was trading above the 147.00 handle. The breakdown in May combined with the descending channel off the year-to-date high favored sellers while below 149.50. One week ago I ...

Submitted Oct 31, 2018|From dailypriceaction.com

I’ve been discussing a rather bearish outlook for USDJPY throughout October. The way buyers struggled to extend rallies in July and early October was a bit concerning. Then came the aggressive selloff during the first half of the month. I was using ...