Submitted Jan 26, 2018|From dailypriceaction.com|1 comment

Mario Draghi’s comments sent the Euro rocketing higher against the U.S. dollar during Thursday’s ECB press conference. We were anticipating some strength given the daily close above 1.2325 on Wednesday. Another key level I mentioned in that mid-week ...

Submitted Jan 23, 2018|From dailypriceaction.com

Since the November 2016 U.S. elections, the EURJPY has been on a tear. The pair has gained nearly 2,300 pips with most of that coming between mid-April 2017 and the January 5 session earlier this year. Despite these impressive gains, the uptrend is ...

Submitted Jan 22, 2018|From dailypriceaction.com|4 comments

The GBPJPY is once again trading above the rising wedge top we discussed last week. I first mentioned it on Tuesday and then again on Friday when buyers looked to be in trouble. As I pointed out over the weekend, Friday’s 153.40 close put the yen ...

Submitted Jan 19, 2018|From dailypriceaction.com

On Tuesday we looked at a rising wedge on the GBPJPY daily chart. At the time the pair was trading at 152.48 and had yet to test wedge resistance for the second time. Shortly after I published that commentary, buyers closed the pair above resistance ...

Submitted Jan 17, 2018|From dailypriceaction.com|4 comments

Over the weekend we discussed how the EURUSD would likely find selling pressure at 1.2325. As the low of the 2008 financial crisis, it makes sense that offers would build up here. As it turns out, Wednesday’s session carved a high of 1.2323, just ...

Submitted Jan 17, 2018|From dailypriceaction.com

On January 5 the EURNZD confirmed what we suspected to be a head and shoulders reversal. While the right shoulder was a bit shallow, it had all the markings of a topping pattern. However, Friday’s 250 pip rally put things on hold for sellers. As ...

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

Despite the seemingly chaotic price action at times, the NZDJPY has been relatively consistent over the last 14 months. The considerable 500 to 800 pip swings on the daily time frame have been a swing trader’s dream. The key, of course, is ...

Submitted Jan 14, 2018|From dailypriceaction.com|4 comments

Following a sluggish start last week, the EURUSD rallied 160 pips on Friday and took out the confluence of resistance at 1.2145/65. I mentioned this area on Friday as one that could attract some selling pressure. At first, the single currency did ...

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

One of the most effective ways to find profit targets is to use key levels in the market. A resistance level can serve as a target in an uptrend while support is used to find targets in a downtrend. But what if there are no key levels? You won’t ...

Submitted Jan 4, 2018|From dailypriceaction.com|5 comments

The EURUSD has been in rally mode since testing key support at 1.1730. We discussed this area in the December 17 weekly forecast. A second sign that bulls were in control came a week later. The bullish pin bar that formed at 1.1855/60 hinted at a ...

Submitted Jan 3, 2018|From dailypriceaction.com|2 comments

A new year means new opportunities. It’s a time to reflect on what you did well in 2017 and what can be improved in 2018. For a trader, that means figuring out how to make the new year a profitable one. Maybe you over-traded last year. Or perhaps ...

Submitted Jan 2, 2018|From dailypriceaction.com|2 comments

GBPUSD buyers pushed prices higher yesterday following last week’s 130 pip gain. The 1.3587 close puts the pound above the former resistance level at 1.3545. I mentioned this level over the weekend. The idea was to wait for either a pullback into ...

Submitted Dec 29, 2017|From dailypriceaction.com

The USDCAD hasn’t disappointed those who went short earlier this week. Since Wednesday’s sub 1.2670 close, the pair is down more than 100 pips. Unfortunately, we never did get a retest of the 1.2670 area as new resistance. Seeing as how I don’t like ...

Submitted Dec 28, 2017|From dailypriceaction.com|1 comment

For the past few days, we’ve focused on the EURAUD. At first, we were watching the pair move lower to test rising wedge support. Then yesterday sellers confirmed the pattern with a sub 1.5325 close. But let’s not forget that the EURNZD, a ...

Submitted Dec 26, 2017|From dailypriceaction.com|3 comments

On December 14 the AUDUSD closed above a major hurdle at 0.7635. The level served as support in late October and early November and later acted as resistance in late November and early December. We discussed the breakout on the same day. One thing ...

Submitted Dec 22, 2017|From dailypriceaction.com|25 comments

The topic of leverage in the Forex market tends to cause a lot of confusion. What is it and how does it work? Are there advantages or disadvantages? Unfortunately, the answers to these questions often go unanswered. It’s unfortunate because using ...

Submitted Dec 22, 2017|From dailypriceaction.com

The USDCAD continues to trade in a range that has been in place since the pair closed above 1.2670 on October 25. It looked like buyers were ready for the next leg higher early this week, but apparently sellers had other plans. Thursday’s 85 pip ...

Submitted Dec 21, 2017|From dailypriceaction.com|1 comment

EURJPY bulls have cleared the three-month range resistance at 134.35. The level has capped every advance since September 21, and Wednesday’s close means buyers should now defend it as support. However, the price is a bit overextended at current ...

Submitted Dec 20, 2017|From dailypriceaction.com

The EURNZD is in the process of testing former wedge support as new resistance. I mentioned the 1.6950 – 1.7000 resistance area last Wednesday and again over the weekend. I know some of you entered last week. But if you notice, last week’s price ...

Submitted Dec 18, 2017|From dailypriceaction.com

The EURCHF is a pair we have discussed a couple of times in recent weeks. The first was on November 6 when the Euro cross was trading at 1.1593 and the second was this past Sunday. Although prices were hovering well above channel support in ...