Submitted Oct 30, 2018|From dailypriceaction.com

On Friday I pointed out how crude oil reached our target in the 66.00 region. The bearish outlook materialized back on October 7th when oil was trading just above the 74.00 handle. You can read that post here. The key takeaway from Friday’s ...

Submitted Oct 29, 2018|From dailypriceaction.com

I don’t discuss CADJPY very often. As yen crosses go, the pair tends to be a bit more volatile and choppy than others which can be problematic. However, CADJPY has its moments. A look back at the last few months of price action shows a ...

Submitted Oct 28, 2018|From dailypriceaction.com

EURUSD played out nicely for us last week. Not only did the pair encounter selling pressure at the 1.1530 resistance level on Monday, but sellers also cleared 1.1430 by the end of Wednesday’s session. Following that close, we were watching for a ...

Submitted Oct 26, 2018|From dailypriceaction.com

On October 7th I included U.S. crude oil in my weekly commentary for the first time. The market had just retested ascending channel resistance below 77.00 and looked ready to roll over. Not only had sellers carved a bearish rejection candle on the ...

Submitted Oct 25, 2018|From dailypriceaction.com

GBPJPY has breached yet another key support level, this time at 145.50. I highlighted this area on Monday when I wrote how sellers were defending the 147.00 handle. In that commentary, I also mentioned the weekly bearish engulfing candle that ...

Submitted Oct 24, 2018|From dailypriceaction.com

After more back and forth price action this week, sellers have managed to punch a hole in the 1.1430 support area on an intraday basis. I first mentioned the 1.1410/30 support area on October 7th. Just two days later, EURUSD reached a session low of ...

Submitted Oct 22, 2018|From dailypriceaction.com

GBPJPY is trading lower today after retesting an area we’ve had our eye on for several weeks. The 147.00 region served as resistance back on August 1st until buyers cleared the level on the 18th of September. For the next three weeks, 147.00 ...

Submitted Oct 21, 2018|From dailypriceaction.com

Three levels came into play last week for the EURUSD. First was resistance at 1.1620 which capped Tuesday’s rally. Then came the close below 1.1530 that exposed the 1.1430 support level I mentioned last Sunday. The final 48 hours of last week saw ...

Submitted Oct 19, 2018|From dailypriceaction.com

Two days ago I discussed a couple of options to capitalize on a EURJPY bearish outlook. The first was to watch for a selling opportunity between 130.50 and 131.00 resistance. You’ll notice several highs in October at 130.50. At the same time, the ...

Submitted Oct 18, 2018|From dailypriceaction.com|1 comment

USDJPY is once again approaching a key test for buyers. The trend line support in the chart below extends from the year-to-date low at 104.65 and single-handedly defines the uptrend that began in late March. You may recall my post from October 9th ...

Submitted Oct 17, 2018|From dailypriceaction.com

Two weekends ago on October 7th, I pointed out an area on EURJPY that was likely to break down within the next few sessions. The pair had reached the 131.00 support area, but buyers were having trouble pushing prices higher. Based on the way the ...

Submitted Oct 15, 2018|From dailypriceaction.com

At this time last week, I discussed how the GBPJPY market structure favored sellers. The risk-sensitive pair was holding below descending channel resistance despite several weeks of churning sideways. Sellers had also carved a few bearish signals ...

Submitted Oct 14, 2018|From dailypriceaction.com

The range-bound price action for EURUSD continued last week with the single currency closing back above 1.1530. Sellers managed to clear the level earlier this month, and it did hold as resistance for several days. However, Thursday’s close back ...

Submitted Oct 12, 2018|From dailypriceaction.com|1 comment

USDJPY was dragged lower this week by a slumping global equity market coupled with a weaker dollar. Those who believe this risk-sensitive pair is no longer a benchmark for risk appetite are gravely mistaken. Of course, this week’s decline comes ...

Submitted Oct 10, 2018|From dailypriceaction.com

One of the five currency pairs in Sunday’s forecast was EURJPY. As of Friday’s close, the pair was sitting just above a confluence of support at 130.90. However, I wasn’t interested in buying EURJPY. In truth, I had already sold the pair at 131.40 ...

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

The USDJPY has had a nice run since the beginning of September. We looked at the pair last month when buyers were approaching the 112.15 area and again at 113.15. The former even offered a chance to get long during the September 20th retest of ...

Submitted Oct 3, 2018|From dailypriceaction.com

On September 10th I wrote about how GBPCAD was approaching a confluence of resistance at 1.7300. It was the intersection of the head and shoulders neckline, descending channel resistance and a key horizontal level. Shortly after that post, the pair ...

Submitted Oct 2, 2018|From dailypriceaction.com

The EURUSD is currently testing critical support at 1.1530. It’s a level I’ve mentioned a few times recently, including last Thursday when I deemed the single currency to be bearish below 1.1700. So far today, the euro has plunged to a low of ...

Submitted Oct 1, 2018|From dailypriceaction.com

On Tuesday of last week, I pointed out a key resistance area on EURAUD. At the time, buyers had reclaimed control after bouncing off of support at 1.6050. The resistance area of interest was between 1.6230 and 1.6250. That’s the location of the ...

Submitted Sep 30, 2018|From dailypriceaction.com

Last week I wrote a two-part series on the EURUSD. On Wednesday, I stated that the upcoming Fed rate decision and presser would test buyers’ resolve above the 1.1700 area. It would either trigger a bounce higher to 1.1830 or fail and expose 1.1530. ...