Submitted Dec 12, 2017|From dailypriceaction.com

USDCHF bears are having trouble following through on Friday’s pin bar from 0.9940 resistance. The area has served as a pivot since late October and had its way with the pair during the final 24 hours of last week. I mentioned the bearish pin bar ...

Submitted Dec 7, 2017|From dailypriceaction.com|2 comments

The GBPUSD just tested a former multi-year resistance level as new support. We’ve discussed the 2014 trend line several times in recent weeks including the November 29 close above it. As you can see from the chart below, GBPUSD bulls reacted almost ...

Submitted Dec 5, 2017|From dailypriceaction.com|2 comments

Over the past 24 hours, the EURUSD has closed below trend line support and retested it as new resistance. We looked at this level a couple of times last week including during Thursday’s session. Just hours into the start of the new week, the single ...

Submitted Nov 29, 2017|From dailypriceaction.com

The USDCHF is testing a significant level today. The 0.9850/60 area served as support between January and May of this year. It then attracted a bid during the November 15 retest. But last Wednesday’s selloff put the pair back below the 0.9850/60 ...

Submitted Nov 27, 2017|From dailypriceaction.com|2 comments

Last week GBPUSD bulls pulled off a major victory. The 1.3290 handle has capped every advance since the pair closed below it on October 2. So, last Wednesday’s close was significant in that it broke the two-month range. However, as I mentioned over ...

Submitted Nov 23, 2017|From dailypriceaction.com|2 comments

After consolidating between 131.80 and 134.40 for nearly two months, the EURJPY has finally broken down. It’s something we’ve been watching since the pair formed what appears to be a double top late last month. With Wednesday’s close at 131.48, ...

Submitted Nov 19, 2017|From dailypriceaction.com

Despite boasting some of the best technical levels, the EURUSD was a tough one to trade last week. The October 26 close below the 1.1670 handle was a significant development. Not only did it break the key support level, but it also confirmed what ...

Submitted Nov 18, 2017|From dailypriceaction.com|14 comments

There are thousands of trading strategies available to the Forex trader. In fact, when you account for the infinite number of technical indicators available, the possibilities are limitless. It’s easy to think that the more strategies you use, the ...

Submitted Nov 17, 2017|From dailypriceaction.com

The NZDUSD has been one of the better performing currency pairs of late. One currency pair that might challenge that title is the USDJPY. The last time we looked at the New Zealand dollar, buyers had just reached the confluence of resistance at ...

Submitted Nov 10, 2017|From dailypriceaction.com|2 comments

EURUSD bulls are once again challenging the October 26 close below 1.1670. They did so between November 2 and 3, but sellers rejected the advance, leaving the single currency below the key handle on a daily closing basis. Thursday’s plunge in the ...

Submitted Nov 9, 2017|From dailypriceaction.com

On Friday of last week I pointed out the 0.6985 area on the NZDUSD. It’s a confluence of resistance that’s the result of three different levels. First up is thetrend line I mentioned last month. The trend line that extends from the September 2015 ...

Submitted Nov 3, 2017|From dailypriceaction.com|3 comments

The NZDUSD broke a significant support level on October 20. We discussed the breakdownthe following Monday as the pair was retesting the former support level as new resistance. Even Tuesday (October 24) tested the conviction of sellers. But ...

Submitted Nov 2, 2017|From dailypriceaction.com|1 comment

The EURUSD is in the process of testing former support at 1.1670 as new resistance. It took the single currency five days to do so following the October 26 close below the 1.1670 handle. Today’s retest puts sellers in the hot seat. As long as they ...

Submitted Nov 1, 2017|From dailypriceaction.com|2 comments

The GBPUSD is testing the range top that has been in place since early October. I mentioned this area in the last few weekly forecasts. It’s no secret that the pound sterling has been indecisive of late. The currency is facing many unknowns at the ...

Submitted Oct 30, 2017|From dailypriceaction.com|1 comment

USDJPY bulls might be in trouble here. While it is true that the current rally that began last month is still intact, the bullish momentum has tapered substantially. On top of that, Friday’s bearish rejection candle from 114.35 resistance suggests ...

Submitted Oct 29, 2017|From dailypriceaction.com

The EURUSD ended last week at three-month lows after confirming a multi-month head and shoulders pattern. We discussed the bearish reversal pattern on Friday as one to watch for the week ahead. I was a bit surprised to see how quickly prices sliced ...

Submitted Oct 27, 2017|From dailypriceaction.com|13 comments

Yesterday’s session confirmed what we have suspected since early September – that the EURUSD was topping. It’s been a topic of discussion since the September 8 bearish pin barfrom 1.2040 resistance. Then came the combination of factors that ...

Submitted Oct 23, 2017|From dailypriceaction.com|1 comment

I haven’t paid much attention to the NZDUSD since prices topped out in July. Starting in mid-August, the pair entered a period of consolidation and wasn’t offering many directional cues. However, that changed with the October 19 selloff. That ...

Submitted Oct 20, 2017|From dailypriceaction.com

The EURUSD came close to retesting key resistance at 1.1875 during Thursday’s session. The single currency found a bid on Wednesday at 1.1730 and reached 1.1858 yesterday before selling off again. It’s during moments like yesterday’s rally that ...

Submitted Oct 17, 2017|From dailypriceaction.com|1 comment

Over the weekend I pointed out how the USDCHF bulls are refusing to go down without a fight. Less than 48 hours into the new trading week buyers are once again pressuring trend line resistance from the current 2017 high. Another thing I mentioned ...