Submitted Aug 16, 2017|From dailypriceaction.com

The EURGBP has been on a tear since coming off nine-month support at 0.8315. This was the level that appeared to be the neckline of a head and shoulders pattern back in April, but the pair never confirmed our suspicion. Just hours ago the Euro cross ...

Submitted Aug 10, 2017|From dailypriceaction.com

Just two days ago we looked at the multi-month wedge pattern on the GBPJPY. Recent strength from the Japanese yen has triggered a selloff across the yen pairs, including the AUDJPY and NZDJPY as mentioned last week. Wednesday’s bullish pin bar on ...

Submitted Aug 9, 2017|From dailypriceaction.com|1 comment

The EURJPY broke down from an exhaustion pattern during yesterday’s session. We discussed it in the private forums, and I know of a few members who caught the breakdown that occurred around 130.20. For those who aren’t familiar with the upward ...

Submitted Aug 6, 2017|From dailypriceaction.com|1 comment

The EURUSD has been trending higher since the start of 2017. However, last Monday we discussed how the pair was approaching a key resistance area at 1.1875. What stood out at the time was how the single currency was trading approximately 180 pips ...

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

EURUSD bulls look poised for further gains this week after holding above the 1.1670 handle last week. They also held prices above the 1.1610 level between Monday and Wednesday which ultimately triggered a weekly close of 1.1745. As long as the ...

Submitted Jul 26, 2017|From dailypriceaction.com

Over the weekend we discussed how EURUSD bulls took out the 1.1610 handle last week. This level is the May 2016 high and was expected to attract a bid if tested this week. Sure enough, today’s low so far is 1.1612. Another level I mentioned on ...

Submitted Jul 25, 2017|From dailypriceaction.com

During the summer months, it’s sometimes necessary to look a little closer to find setups due to the slowdown that often takes place. The CADJPY is a perfect example of a pair that is quietly developing in a way that could produce a favorable setup ...

Submitted Jul 23, 2017|From dailypriceaction.com

The EURUSD surged higher last week breaking above the 1.1610 handle. This is the May 2016 high which resides between 1.1610 and 1.1615 depending on your broker. For the week ahead, any rotation back to the 1.1610 area will likely attract buyers. ...

Submitted Jul 16, 2017|From dailypriceaction.com|3 comments

EURUSD bulls had some difficulty last week but managed to land in positive territory. The pair is now up more than 1,100 pips for the year and doesn’t look ready to give up those gains just yet. However, buyers need to deal with the 1.1470 handle if ...

Submitted Jul 9, 2017|From dailypriceaction.com|2 comments

EURUSD bulls once again tested the confluence of resistance last week but were unable to break through. The area lies between 1.1430 and 1.1450 and is the intersection of horizontal resistance and the trend line from the August 2015 high. Thursday’s ...

Submitted Jul 6, 2017|From dailypriceaction.com|1 comment

On Tuesday we discussed how the AUDUSD rally was in jeopardy below 0.7620. This area is the intersection of former trend line support from the June 2nd low as well as several highs from last month. It’s also the 23.6% Fibonacci retracement when ...

Submitted Jul 4, 2017|From dailypriceaction.com

The AUDUSD has been all over the map so far in 2017. The good news for traders, however, is that the pair has been moving in swings of several hundred pips, providing follow through to those who time their entries right. Not only that, but the price ...

Submitted Jul 3, 2017|From dailypriceaction.com

The NZDUSD is right back to the confluence of support at 0.7290 just 14 hours into the new trading week. To be more precise, the level appears to be 0.7288 at the time of this writing. We discussed this area over the weekend as one to watch. At the ...

Submitted Jun 30, 2017|From dailypriceaction.com

The AUDUSD just retested a level that dates back to April of last year. The trend line that extends from the 2016 high at 0.7834 capped two previous advances, not including the November 2016 selloff. This is the same level that triggered the bearish ...

Submitted Jun 29, 2017|From dailypriceaction.com

In the last weekly forecast, I mentioned how I was cautiously bullish the EURUSD as long as price remained above the 1.1100 area. I also stated that a close above 1.1250/85 would expose the next key resistance level at 1.1390. But perhaps a more ...

Submitted Jun 26, 2017|From dailypriceaction.com

Despite a third straight positive day, the NZDUSD fell short of overcoming significant resistance during yesterday’s session. The level in question extends from the April 2015 high and has capped several advances in recent weeks including the ...

Submitted Jun 25, 2017|From dailypriceaction.com|4 comments

The sideways price action continued last week for the EURUSD. The pair has been limited to a 200 pip range since closing above the 1.1100 handle on May 17th. In times like this, I tend to stay on the sideline. Momentum is lacking and each passing ...

Submitted Jun 24, 2017|From dailypriceaction.com|62 comments

This is an excellent question, and the answer can improve your trading performance in a big way. But like all things, it takes practice, patience, and discipline to get it right. According to Merriam-Webster, the word confluence means: A coming or ...

Submitted Jun 22, 2017|From dailypriceaction.com

The USDJPY is back above former channel resistance for the second time since early May. The level extends from the January 3rd high and has been influential throughout 2017 particularly in the last two months. Buyers managed a daily close above it ...

Submitted Jun 21, 2017|From dailypriceaction.com

The Japanese yen has been a mixed bag since November 2016 when pairs like the EURJPY saw a gain of more than 1,100 pips. Then came the 900 pip pullback over four months which triggered yet another 1,000+ pip rally in mid-April. No wonder I’ve ...