Submitted Jun 15, 2017|From dailypriceaction.com

On Tuesday we looked at a rising wedge that had developed on the NZDUSD 4-hour chart. While there was no confirmed setup at the time, the pattern suggested that buyers were tiring. In fact, I even stated that a pullback of some sort was likely over ...

Submitted Jun 14, 2017|From dailypriceaction.com|2 comments

The AUDJPY was in rally mode overnight, spiking above former trend line support for the fifth straight session. This is a level I mentioned on May 26th where a breakdown seemed imminent given the “heavy” price action in the weeks prior. Although the ...

Submitted Jun 13, 2017|From dailypriceaction.com

The New Zealand dollar has looked strong against the greenback in recent weeks. Since the May 5th low at 0.6817, the NZDUSD has gained an impressive 404 pips. However, a recent development on the 4-hour chart suggests that buyers are becoming ...

Submitted Jun 12, 2017|From dailypriceaction.com|3 comments

Over the weekend we dissected the AUDJPY. We’ve done this a few times in recent weeks, always focusing on the trend line that extends from the 2016 low. The ascending level broke down on May 31st and has held as resistance on a daily closing basis ...

Submitted Jun 11, 2017|From dailypriceaction.com

After holding above the 1.1250 handle for three days, the EURUSD gave up the level on Thursday of last week. Friday’s price action didn’t do much to rechallenge the 1.1250 area, but buyers did at least step in to stop the bleeding to some degree. ...

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

The GBPUSD tumbled 250 pips immediately following the exit poll from Thursday’s UK election. Although the extent of the drop is somewhat surprising, I can’t say I’m overly surprised given the bearish pattern that had formed following the May 26th ...

Submitted Jun 7, 2017|From dailypriceaction.com

The AUDUSD just did something fairly unconventional in the world of technical analysis. Instead of testing a broken channel shortly after breaking out, the pair waited almost two weeks before doing so. Not only that but it’s also retesting the ...

Submitted Jun 6, 2017|From dailypriceaction.com

Another bout of risk-off sentiment has taken the USDJPY below key support at 110.10/25. This is an area I’ve mentioned a few times in recent weeks including this past Sunday. The 110.10/25 region was instrumental in attracting a bid back in March ...

Submitted May 25, 2017|From dailypriceaction.com|2 comments

Exactly one week ago we discussed the GBPJPY and what we might do based on various outcomes of the range that had materialized between 143.70 and 145.70. Well, here we are five trading days later, and the pair is trading just 30 pips higher than it ...

Submitted May 23, 2017|From dailypriceaction.com

Hours ago, the AUDUSD came within just 40 pips of taking out the May high at 0.7550. The pair is currently up 150 pips since the May 9th low of 0.7328 and is just above the month open at 0.7466. The Australian dollar is facing stiff competition ...

Submitted May 18, 2017|From dailypriceaction.com|3 comments

On Wednesday of last week, we looked at a potential top forming on the GBPJPY 4-hour chart. More specifically, the rising wedge suggested exhaustion from buyers and hinted at the idea of a bearish reversal. Less than 24 hours later we had our break ...

Submitted May 17, 2017|From dailypriceaction.com

The AUDJPY is in the process of testing a key trend line that extends from the June 2016 low. The first bounce from this level was the November 9th session low, which was also the start of the so-called “Trump rally.” Well, that rally may be ...

Submitted May 14, 2017|From dailypriceaction.com

After a second consecutive gap higher last week, the EURUSD slipped back below a trend line that extends from the February 2nd high. At the moment that close back below the 1.0960 area stands as a false break following the May 7th run-off election ...

Submitted May 10, 2017|From dailypriceaction.com|1 comment

GBPJPY bulls may be getting ahead of themselves. Apart from today’s session which is still in progress, the pound cross has had eleven consecutive winning days. That’s quite the feat for a pair that couldn’t make up its mind just one month ago. ...

Submitted Apr 30, 2017|From dailypriceaction.com

EURUSD buyers managed to hold their ground last week after kicking things off with a 180 pip gap up. The weekend gap was the result of a Macron victory in the first round of the France elections. I normally don’t like to use so many levels of ...

Submitted Apr 28, 2017|From dailypriceaction.com|33 comments

The best way to avoid panicking in any situation is to have a plan. In fact, that’s true for anything you do in life, not just trading. Before you ever put on a trade, you should have a plan. Otherwise, it simply isn’t worth the risk. A plan keeps ...

Submitted Apr 4, 2017|From dailypriceaction.com

The EURCAD retested a significant level last week. The trend line that extends from December 2015 is what triggered the recent 420 pip selloff. It’s also a level that could represent the neckline of a 2,000 pip head and shoulders pattern. I first ...

Submitted Mar 31, 2017|From dailypriceaction.com

This past Monday I commented on how I was looking to sell the AUDUSD below 0.7608. At the time the pair was trading at 0.7618 following the bearish engulfing pattern from March 21st. I received a few emails in support of this idea. However, the ...

Submitted Mar 27, 2017|From dailypriceaction.com

The AUDUSD has been all over the place in the last few months. First, we had the massive 600 pip plunge between early November and mid-December. Then came the 580 pip rebound which was even more aggressive than the decline. However, since the ...

Submitted Mar 22, 2017|From dailypriceaction.com

Just yesterday we were discussing the potential for the British pound to continue to advance against the greenback. And given yesterday’s close, that still seems likely so long as 1.2410 holds up as new support. But the pair’s counterpart, the ...