Submitted Jul 23, 2018|From dailypriceaction.com

The AUDJPY has been a relatively difficult pair to read lately. And one thing I’ve learned over the years is that if a market’s structure isn’t evident at first glance, it’s best to stand aside. By removing any urge to trade that particular market, ...

Submitted Jul 22, 2018|From dailypriceaction.com

The EURUSD bounced higher last week from trend line support that extends from the 2017 low. I mentioned the 1.1620/30 support area on Wednesday of last week, noting that sellers needed to secure a daily close below it to expose downside targets. ...

Submitted Jul 20, 2018|From dailypriceaction.com

USDCAD bulls hit a major roadblock earlier in today’s session. In fact, it’s the same resistance area we looked at this past Monday. The 1.3260/70 area is the intersection of the June 22nd and 25th lows and ascending channel resistance that extends ...

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

If you read Sunday’s forecast, you know I wasn’t keen on the idea of buying the EURUSD. I even wrote that I was in no hurry to buy the pair. I also pointed out the lack of momentum since the beginning of June. For nearly two months, the single ...

Submitted Jul 17, 2018|From dailypriceaction.com

Last Monday we watched as the GBPUSD sold off at the confluence of resistance at 1.3300. I discussed this area just 24 hours beforehand in the July 8th weekly forecast. However, Friday’s bullish pin bar suggested that the 1.3300 resistance area ...

Submitted Jul 16, 2018|From dailypriceaction.com

On Thursday of last week, I pointed out a key area of resistance on the GBPJPY near 149.00. This was a former support level as illustrated by the ascending channel that extends from the 2017 low. My first mention of this pattern was on May 4th. So ...

Submitted Jul 15, 2018|From dailypriceaction.com

Despite a strong stand from buyers on Friday, the EURUSD lost ground last week for the first time since the week of June 10th. Sellers were also able to close the single currency back below the pivot at 1.1720. That may not mean a whole lot, though. ...

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

On July 6, I pointed out the 110.30 area on the USDJPY. Given the confluence of support that had gathered there, I deemed it a “must hold” for buyers. I was skeptical at the time as to whether buyers could pull it off. The pair was having trouble ...

Submitted Jul 12, 2018|From dailypriceaction.com

The GBPJPY is fast approaching a critical resistance level. You may recall the ascending channel that extends from the April 2017. I’ve discussed it several times this year including the May 4th commentary a few weeks before the May 23rd breakdown. ...

Submitted Jul 11, 2018|From dailypriceaction.com

Nearly two weeks ago on July 2nd, I pointed out a massive 1,500 pip reversal pattern on the GBPCAD. The only problem is, the structure was far from confirmed. And while the pound cross is still hovering nearly 200 pips above the suspected neckline, ...

Submitted Jul 1, 2018|From dailypriceaction.com

Buyers were in full force on Friday, driving the EURUSD higher by more than 100 pips. Being the last trading day in June, Friday’s price action illustrates the unwind in short positioning that had built up since the April 20th breakdown. Given ...

Submitted Jun 28, 2018|From dailypriceaction.com

Last Friday I mentioned a trend line on the EURUSD that could trigger the next round of selling pressure. The level that extends from the 2017 low at 1.0340 connects with the April 2017 low and was responsible for the May 30th bounce last month. ...

Submitted Jun 24, 2018|From dailypriceaction.com|2 comments

On Friday, I pointed out a trend line on the EURUSD that extends from the 2017 low. The level connects with the April 2017 low and was responsible for the recent May 30th bounce. However, the June 14 impulsive selloff leaves me doubting whether the ...

Submitted Jun 22, 2018|From dailypriceaction.com

In Wednesday’s EURAUD commentary, I remarked at how the Euro was hanging by a thread against the U.S. dollar. The 230 pip single session drop on June 14 put sellers back in control, but Euro bulls have battled back this week. Here’s why… There is a ...

Submitted Jun 19, 2018|From dailypriceaction.com|1 comment

On Friday I published a rather extensive commentary on the AUDJPY. The idea was to watch for a breakout from the recent consolidation that has persisted over the last few months. That consolidation, by the way, has carved a smaller ascending channel ...

Submitted Jun 17, 2018|From dailypriceaction.com

The EURUSD broke some significant support levels last week. Thursday’s massive 290 pip range took out the previous ten sessions and also closed well below the 2017 trend line I’ve illustrated in previous weekly forecasts. I fired a warning shot last ...

Submitted Jun 14, 2018|From dailypriceaction.com|29 comments

On Monday I wrote that the EURUSD looked vulnerable despite recent gains. The single currency was beginning to lean heavily on an intraday support level and was also having trouble moving above resistance at 1.1830. That 4-hour ascending channel ...

Submitted Jun 13, 2018|From dailypriceaction.com

The GBPJPY is approaching a key inflection point on the 4-hour time frame. On Sunday, I pointed out last week’s retest of former channel support that extends from the 2017 low. However, buyers weren’t ready to give in just yet. This week’s bounce ...

Submitted Jun 8, 2018|From dailypriceaction.com|1 comment

As I type this, the NZDCAD is testing 4-hour ascending channel support for the third time since its inception on May 23. I’ve written about this type of price action in the past. Whenever a market begins to lean on a support level like this, it ...

Submitted Jun 7, 2018|From dailypriceaction.com

The AUDUSD is in the process of testing former multi-year trend line support as new resistance. The level extends from the 2016 low and connects with the December 2016/January 2017 low as well as the December low from last year. I mentioned the ...