Submitted Jun 4, 2018|From dailypriceaction.com

Yesterday I discussed how it wouldn’t surprise me to see the EURUSD gain some ground this week. The pair’s 800 pip drop since breaking below wedge support on April 20 has been impressive and perhaps a bit much for sellers to keep up with. Last ...

Submitted Jun 3, 2018|From dailypriceaction.com

The EURUSD rebounded higher last week forming a quasi-bullish rejection candle on the weekly chart. It started with Wednesday’s 130 pip surge and was capped off by Friday’s end of day bounce to stay above the trend line from the 2017 low. The ...

Submitted May 28, 2018|From dailypriceaction.com

In the past couple weeks, we’ve seen several commodity currency crosses such as the EURAUD and GBPNZD trend lower. In fact, I just provided an update on the GBPNZD yesterday, and already the cross is down another 70 pips. One that I haven’t ...

Submitted May 27, 2018|From dailypriceaction.com

I wanted to show a “zoomed out” view of the EURUSD today to appreciate just how far sellers have taken the single currency in recent weeks. You may recall my commentary from April 20. That was the day that Euro bears began to take back control by ...

Submitted May 25, 2018|From dailypriceaction.com|1 comment

It was a big week for the GBPJPY. On Wednesday, the pair broke from a long-standing ascending channel. I mentioned this pattern on May 4 and again in the May 13 weekly forecast. A couple of weeks ago we had a healthy debate about whether this was a ...

Submitted May 21, 2018|From dailypriceaction.com

The GBPUSD is finally making its move. Since the 2nd of May, the pound has been confined to a 140 pip range between 1.3460 support and 1.3600 resistance. At the moment, sellers have extended today’s lows to levels not seen since late December of ...

Submitted May 20, 2018|From dailypriceaction.com

The EURUSD set up nicely for us at the start of last week. On Sunday, May 13 I mentioned that the close on the 11th wasn’t decisive enough to call one way or the other. Notice how the May 11 session closed within that 1.1930/40 area. That left us ...

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

Just when it looked like USDJPY bulls would give up trend line support that extends from the 2018 low, they managed to push prices higher by 150 pips. And instead of a mere trend line, it appears that we now have an ascending channel to work with. ...

Submitted May 16, 2018|From dailypriceaction.com

Last Thursday I released commentary titled EURCAD Fifteen-Month Uptrend at Risk Below 1.5200. That price marked ascending channel support that extends from the 2017 low. Although the May 10 session broke below support on an intraday basis, sellers ...

Submitted May 15, 2018|From dailypriceaction.com

Last Friday I discussed how EURUSD bulls were attempting a reversal above 1.1930. The area was a key pivot for the single currency between November 2017 and January of this year. Then on Sunday, I mentioned how Friday’s close wasn’t convincing ...

Submitted May 13, 2018|From dailypriceaction.com|4 comments

We looked at the EURUSD a couple of times last week. The first was on Monday when the pair was breaking below the 1.1930 handle, and the second was on Friday during the two-day rebound. That rebound, by the way, started from 1.1830, which was one of ...

Submitted May 11, 2018|From dailypriceaction.com

It looks as though the “inevitable relief rally” on the EURUSD that I wrote about on Monday has begun. In truth, today is the follow-through from yesterday’s surge and retest of 1.1930 as new resistance. Here’s what I wrote on May 7: It’s also ...

Submitted May 6, 2018|From dailypriceaction.com

Another week is behind us, and another support level is broken on the EURUSD. Sellers have made a habit of this since the single currency broke long-term wedge support on April 20. Last Monday’s session broke the 1.2090 support level I mentioned on ...

Submitted May 4, 2018|From dailypriceaction.com|8 comments

On Sunday I discussed a level on the GBPJPY that was likely to attract selling pressure. The 150.70 handle served as a pivot for the pair between the 28th of March and the 20th of April. The sub 150.70 close on April 27 suggested that any retest of ...

Submitted Apr 29, 2018|From dailypriceaction.com

EURUSD sellers followed through in a big way last week. Last Sunday I mentioned the close below the April 2017 trend line near 1.2300. The big question at the time was whether or not Euro bears would come out to play. After all, sellers haven’t had ...

Submitted Apr 20, 2018|From dailypriceaction.com|4 comments

After just ten trading days, the EURUSD is back to testing the “must hold” support level I mentioned on April 6. In fact, it’s already dropping below the level on an intraday basis. What’s interesting about the last ten days is that buyers failed to ...

Submitted Apr 19, 2018|From dailypriceaction.com|5 comments

On April 10 I wrote about how I was keeping an eye on the EURJPY 133.00 handle. The level has served as a pivot since September of last year and was therefore likely to trigger a reaction if tested. That retest materialized about seven hours ago. As ...

Submitted Apr 15, 2018|From dailypriceaction.com

At this time last week, I was discussing the potential of a EURUSD bounce. The single currency had just tested the April 2017 trend line near 1.2240 and looked ready to move higher toward the 1.2440 area. Although buyers did push prices higher last ...

Submitted Apr 1, 2018|From dailypriceaction.com|2 comments

With another week behind us, the EURUSD is, well, exactly where it was on January 17. The single currency kicked off last week with a 130 pip surge that retested 2008 trend line resistance. This is a level that has capped every advance since January ...

Submitted Mar 30, 2018|From dailypriceaction.com

If you weren’t a believer in this GBPJPY 4-hour wedge pattern last week or even this past Wednesday, you probably are now. The past 48 hours has produced yet another retest of both resistance and support. But before we get to the 4-hour chart, I ...