Submitted Aug 27, 2018|From dailypriceaction.com

EURCAD looked ready to move south following the confirmation of the head and shoulders pattern earlier this month. I mentioned the structure several times in the last few weeks, and by the end of the August 14th session, sellers had confirmed it. We ...

Submitted Aug 26, 2018|From dailypriceaction.com

Following a selloff from the 1.1620 area earlier this month, the EURUSD has bounced back in a big way. Not only did the pair rebound from our target at 1.1300, but it also closed back above 1.1500 with little effort. At the moment, things look quite ...

Submitted Aug 24, 2018|From dailypriceaction.com|8 comments

The AUDUSD lost significant ground yesterday. After closing back above the 0.7320 area on Monday and beginning to look quite bullish, sellers erased 100 pips in just 24 hours on Thursday. As I type this, the pair is hovering just below 0.7320. ...

Submitted Aug 23, 2018|From dailypriceaction.com

Trying to make sense of the USDJPY has been no easy task lately. The pair has been difficult to analyze for the better part of the year. Even the rally that began in June was choppy and difficult to read. It’s why I’ve spent most of my time focusing ...

Submitted Aug 22, 2018|From dailypriceaction.com

The GBPJPY is fast approaching an area that could pose an issue for buyers. In fact, it’s already more than halfway there following the recent bounce from the 140.00 handle. Although the 144.00 support area did give way during the late May and June ...

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

It’s been nearly two weeks since I last discussed the EURAUD, so I figured it’s time for an update. And although the pair hasn’t gone far since then, there have been a couple noteworthy developments. But first, I want to revisit the breakdown that ...

Submitted Aug 19, 2018|From dailypriceaction.com

The EURUSD continued its bounce into the weekend following a relatively bullish Wednesday candle. I’ve mentioned the 1.1300 support area a few times in the last two weeks including August 9th and again last week. That 1.1300 area was also the target ...

Submitted Aug 17, 2018|From dailypriceaction.com|2 comments

The EURCAD broke a significant level this week. On Tuesday I shared a chart that showed how sellers were on the verge of closing the pair below the head and shoulders neckline support. At the time the pair was trading at 1.4895 and hadn’t yet closed ...

Submitted Aug 16, 2018|From dailypriceaction.com

At yesterday’s low, the GBPCAD was down 600 pips since breaking below neckline support on July 26th. I discussed the head and shoulders pattern several times including July 18th and again on the 25th, just one day before the breakdown. And as a ...

Submitted Aug 15, 2018|From dailypriceaction.com|2 comments

On August 9th I pointed out a resistance area on the EURUSD that was likely to attract an influx of selling pressure. The 1.1620 area was the location of former wedge support that held in late June and throughout July. I also discussed this 1.1620 ...

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

The U.S. dollar made a big push last week, sending the EURUSD and other major currency pairs lower. It also put an end to the range-bound price action that persisted for more than two months. After retesting former wedge support as new resistance ...

Submitted Aug 7, 2018|From dailypriceaction.com

Over the weekend I mentioned how the GBPUSD had broken back below the 1.3050 area last week. You’ll note how this area served as resistance in May of last year and later attracted a bid between October and November. The descending channel that began ...

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

Similar to the EURAUD that I discussed last week and again over the weekend, the GBPAUD has carved what could be a 1,200 pip reversal pattern. However, there is a significant difference between the two pairs. While the Euro cross remains 300 pips ...

Submitted Aug 5, 2018|From dailypriceaction.com|1 comment

After weeks of sideways price action, it seems we finally have something to talk about. Not only concerning the EURUSD but across several other Euro and pound sterling crosses as well. On Thursday of last week, I discussed a continuation pattern ...

Submitted Aug 3, 2018|From dailypriceaction.com|3 comments

On Monday I explained how a break of the five-week range on the EURAUD between 1.5720 and 1.5870 could have broad implications. Since late last year, the Euro cross has carved what could be a 1,000 pip head and shoulders pattern. I actually ...

Submitted Aug 2, 2018|From dailypriceaction.com|6 comments

The EURUSD consolidation may finally be coming to an end. Since late May, the single currency has struggled to break free from a 300 pip range after falling 900 pips between April 19th and May 29th. More recently, the pair has been unable to garner ...

Submitted Jul 31, 2018|From dailypriceaction.com|2 comments

Last week I pointed out a pending breakout opportunity on the EURCAD. The range that had developed between 1.5315/30 support and 1.5480 resistance was starting to get stretched, suggestive of an imminent breakout. Due to the ascending nature of the ...

Submitted Jul 29, 2018|From dailypriceaction.com|1 comment

EURUSD bulls were repelled once again on Thursday. The same 1.1720/30 resistance area that served as a pivot in May and June capped last week’s advance. In fact, it stunted Monday’s rally attempt as well as Thursday’s. The latter even carved a ...

Submitted Jul 27, 2018|From dailypriceaction.com

USDJPY bulls are on the brink of full retreat. Following the break above descending channel resistance on June 29th, buyers managed to take prices 250 pips higher. However, something snapped last week. The daily close back below the 112.00 handle on ...

Submitted Jul 26, 2018|From dailypriceaction.com

USDCAD sellers cleared a significant area yesterday. The confluence of support at 1.3120 helped to prop up prices at the end of last week. Even the 130 pip drop on July 20th couldn’t punch through the 1.3120 area. Yesterday’s 1.3045 close changes ...