Submitted Mar 20, 2017|From dailypriceaction.com

Over the weekend I mentioned that we could get a range break opportunity from the NZDUSD this week. At the time the pair was trading between 0.6970 support and 0.7040/5 resistance. Given the technical landscape of the past few months, I was favoring ...

Submitted Mar 13, 2017|From dailypriceaction.com

The EURGBP has enjoyed a 360 pip rally over the past 11 trading days. During that time the Euro cross has only suffered one down day apart from today, which is quite impressive on its own. On Friday, buyers made another statement with a close above ...

Submitted Mar 10, 2017|From dailypriceaction.com|5 comments

If you’ve been a reader of this site for a while, you may have seen me reference something called settlement. This is how I refer to the last hour of each session. It’s the period between 4 pm and 5 pm EST. During this time, you’ll often see buyers ...

Submitted Mar 10, 2017|From dailypriceaction.com

Two days ago we looked at the USDJPY. The pair was in the process of breaking free from a trend line that had capped advances since January 27th. Buyers managed to hold the line just in time for the 5 pm EST close. However, with the 115.10 handle ...

Submitted Mar 9, 2017|From dailypriceaction.com

We seem to be getting mixed signals from the yen pairs lately. There are some including the AUDJPY that look relatively bearish at the moment. Then there are pairs such as the EURJPY and USDJPY that look somewhat constructive. I’ve commented on all ...

Submitted Mar 7, 2017|From dailypriceaction.com

The GBPJPY is arguably the best looking currency pair right now from a technical standpoint. The only exception is perhaps the AUDJPY rising wedge I mentioned last week. I first wrote about the GBPJPY on February 24th. The price action since the ...

Submitted Mar 2, 2017|From dailypriceaction.com|4 comments

What is the most gut wrenching feeling you can have as a Forex trader? Missing a profitable setup is certainly one of them. But losing money on a once profitable trade is, in my opinion, the worst of the worst. You see your open profit climb with ...

Submitted Mar 1, 2017|From dailypriceaction.com

As I write this, the NZDUSD is trading at its lowest level since mid-January. What’s more significant, however, is the fact that sellers have overcome key support at 0.7133. This area has kept the pair afloat since the first retest on February 14th. ...

Submitted Feb 28, 2017|From dailypriceaction.com

GBPJPY sellers are continuing their efforts to push the pair lower today. Last Friday I commented on the 1,200 pip wedge pattern that developed after coming off the December 2016 high at 148.44. Just hours after that commentary was released, the yen ...

Submitted Feb 27, 2017|From dailypriceaction.com

The AUDJPY carved out a fresh high last week at 88.17. The last time the pair reached this level was December 31, 2015. And you may recall what happened to the yen crosses in the first few sessions of 2016. In the case of the AUDJPY, it was a 600 ...

Submitted Feb 24, 2017|From dailypriceaction.com|3 comments

Since coming off the December 2016 high at 148.44, the GBPJPY has coiled itself into a 1,200 pip wedge pattern. And the longer the pair consolidates, the more aggressive the ensuing breakout is likely to be. The pair is in the process of retesting ...

Submitted Feb 23, 2017|From dailypriceaction.com

The AUDUSD has jumped above a critical level with today’s rally. The trend line that extends from the May 2015 high comes in near 0.7700 and was respected last Thursday with a bearish rejection candle. While today’s break of the May 2015 trend line ...

Submitted Feb 17, 2017|From dailypriceaction.com|7 comments

On Wednesday we discussed the rebound in the EURUSD after reaching our short-term target at 1.0520. In that commentary, I mentioned how the 1.0635 handle was a key factor in determining the most likely path forward. In truth, if a valid sell signal ...

Submitted Feb 16, 2017|From dailypriceaction.com

Almost one week ago I commented on how the NZDUSD had broken below the 0.7240 handle. The plan at the time was to wait for a retest of this level as new resistance. Just three hours after yesterday’s close, the pair reached a high of 0.7241 before ...

Submitted Feb 13, 2017|From dailypriceaction.com|3 comments

A few weekends ago I mentioned that I like to have at least one long-term play on my watch list. And the price action on the EURGBP since July of last year certainly fits the bill. As you can see from the weekly chart below, the Euro cross has ...

Submitted Feb 10, 2017|From dailypriceaction.com

The NZDUSD has broken free from its chains. Wednesday’s RBNZ statement was enough to push the pair out of its 0.7300 comfort zone, but yesterday’s 80 pip selloff is what sealed the deal. We’ve discussed the importance of the 0.7240 area for quite ...

Submitted Jan 29, 2017|From dailypriceaction.com

The EURUSD has backed itself into a corner to start the new week. On Friday, the pair failed to breach new resistance at 1.0715 but also didn’t break below the 4-hour trend line I mentioned on Thursday. You can see from the chart below that the pair ...

Submitted Jan 22, 2017|From dailypriceaction.com

The EURUSD continued to chop higher last week, gaining 100 pips from the gap down on Monday. While I do still think the 1.0650 handle is significant, another level that has caught my attention is last week’s high at 1.0715. This area was the January ...

Submitted Jan 9, 2017|From dailypriceaction.com

Over the weekend I mentioned the idea that last Thursday’s break of resistance on the NZDUSD appears to have been false. The 0.6970 area had supported the pair since mid-June. But that changed when sellers closed the December 16th session below the ...

Submitted Jan 8, 2017|From dailypriceaction.com

After struggling for much of December, EURUSD bulls made some progress last week. And although the single currency lost significant ground on Friday, the losses were mild compared to other majors such as the British pound and New Zealand dollar. For ...