Submitted Sep 28, 2018|From dailypriceaction.com

Gold has been trending lower for the better part of 2018. Apart from the first four months of the year, sellers have had control without much argument from buyers. The closest gold bulls have come to reversing the trend came on August 16 when the ...

Submitted Sep 27, 2018|From dailypriceaction.com|1 comment

Yesterday’s FOMC didn’t have much of an impact on the market, at least not on the EURUSD. You could argue the outcome was priced in for the most part. However, market reactions aren’t always on time. Sometimes it takes a day or two before ...

Submitted Sep 24, 2018|From dailypriceaction.com

Just 24 hours ago I discussed the bearish engulfing range that developed on GBPJPY as a result of Friday’s selloff. It also formed at a confluence of resistance at 149.30 as well as what appears to be a swing high following a 1,000 pip rally. The ...

Submitted Sep 23, 2018|From dailypriceaction.com

EURUSD set its sights on 1.1830 following last Thursday’s breakout from 1.1720 resistance. I’ve mentioned this area several times recently, including how it may be the neckline of an inverse head and shoulders pattern. However, before buyers could ...

Submitted Sep 21, 2018|From dailypriceaction.com|1 comment

Exactly one week ago at this same time, I wrote about how AUDUSD buyers were attempting a reversal. The pair had recently fallen below wedge support at 0.7100. However, the September 12th close above 0.7150 suggested that was a false break. As you ...

Submitted Sep 20, 2018|From dailypriceaction.com

Two days ago I discussed how the future direction for EURUSD hinges on 1.1720. The area is the intersection of a key horizontal level and a trend line that extends from the July 9th high. That trend line, by the way, maybe the neckline of a 440 pip ...

Submitted Sep 19, 2018|From dailypriceaction.com

One of the five currency pairs I wrote about on Sunday was EURAUD. What caught my attention was how the pair broke above an ascending channel on September 7th. As I’ve mentioned before, upside breaks of ascending patterns don’t usually last. In ...

Submitted Sep 18, 2018|From dailypriceaction.com

Over the weekend I pointed out how the 1.1720 area on the EURUSD would likely attract sellers if tested again this week. Less than 48 hours in, and the pair is already doing just that. You can see how Euro bulls tested 1.1720 a few hours ago. And ...

Submitted Sep 17, 2018|From dailypriceaction.com

Like some other crosses such as EURGBP, the AUDNZD can be sporadic at times. Even moves on the daily time frame tend to partially backfill more often than not. However, like any market, the AUDNZD can offer some incredibly profitable setups if ...

Submitted Sep 16, 2018|From dailypriceaction.com|7 comments

The EURUSD has broken free from a descending channel I’ve had on my chart for several weeks including last Tuesday’s commentary. It wasn’t the first time though. Buyers broke resistance in late August but failed to push prices higher. I’ve removed ...

Submitted Sep 14, 2018|From dailypriceaction.com

The AUDUSD seems to be getting its cues from GBPUSD. Last Friday, the Australian dollar closed below a confluence of support at 0.7160. I mentioned this breakdown over the weekend. However, I gave a warning about Friday’s move. Here’s what I wrote ...

Submitted Sep 11, 2018|From dailypriceaction.com

The EURUSD is proving once again that the range between 1.1530 and 1.1630 still matters. I mentioned both levels a couple of times last week and again on Sunday where I wrote that an early retest of 1.1530 this week seemed likely. Monday’s session ...

Submitted Sep 10, 2018|From dailypriceaction.com

If you’ve followed me for the last few months, you most likely remember what happened to the GBPCAD at the end of July. Following the July 26th close below 1.7180, the pair lost nearly 600 pips in just 14 trading days. That 1.7180 level was the ...

Submitted Sep 9, 2018|From dailypriceaction.com|3 comments

On Friday, I explained how the EURUSD has been indecisive but technically sound. In other words, there’s no clear directional bias, but the pair is respecting support and resistance areas. In last Sunday’s forecast, I pointed out support at 1.1530. ...

Submitted Sep 6, 2018|From dailypriceaction.com

Last weekend I commented on how AUDUSD selling pressure may be limited below 0.7160. It’s the support level of a falling wedge pattern that has been developing since July. However, the 0.7160 support area has more going for it than that. It’s also ...

Submitted Sep 4, 2018|From dailypriceaction.com

It didn’t take long for USDCAD bulls to make good on last week’s commentary. On Friday, I pointed out a possible bull flag pattern and also reminded readers about it in Sunday’s weekly forecast. Yesterday’s session retested channel resistance for ...

Submitted Sep 3, 2018|From dailypriceaction.com

Many of you have been asking about the EURCAD. I haven’t mentioned it too much since the head and shoulders pattern failed, mostly because there hasn’t been a whole lot to do. However, I wanted to take a few minutes to discuss the retest of 1.5160 ...

Submitted Sep 2, 2018|From dailypriceaction.com

I discussed the EURUSD twice last week. The first was on August 28th where I took a relatively bullish view. I even wrote that the pair could reach 1.1830 under the right circumstances. Just two days later on the 30th, I did a 180-degree turn. ...

Submitted Aug 29, 2018|From dailypriceaction.com

On Sunday I discussed a falling wedge on the NZDUSD that could trigger a move higher. The pair appears to have broken wedge resistance yesterday, but now buyers face a new challenge. You may recall from Sunday’s forecast that I explained how a close ...

Submitted Aug 28, 2018|From dailypriceaction.com|1 comment

On Sunday I pointed out a confluence of resistance on the EURUSD at 1.1660/70. It’s the intersection of wedge support and resistance. I mentioned this pattern on August 9th and again on the 15th when our target at 1.1300 was reached. One reason I’ve ...