Submitted Nov 21, 2016|From dailypriceaction.com|2 comments

From a technical standpoint, the EURGBP post-Brexit rally was a momentous event. Not just because of the 520 pips gained in a single session, which is a rarity for the cross, but because it broke an eight-year pattern. The monthly chart below ...

Submitted Nov 18, 2016|From dailypriceaction.com|5 comments

The USDJPY has been on a tear since the outcome of the U.S. elections on November 9th. Before the final votes were counted, the pair hit a low of 101.18 before rocketing 445 pips to settle the day at 105.63. Just as impressive is the rally that’s ...

Submitted Nov 17, 2016|From dailypriceaction.com

During yesterday’s session, the EURCAD broke an eleven-month trend line that I first mentioned in the October 16th weekly forecast. The level dates back to December of last year and helped keep the pair afloat on four separate occasions before ...

Submitted Nov 14, 2016|From dailypriceaction.com

The EURUSD continued its decline yesterday, giving up another 120 pips against the US dollar from Friday’s close. That brings the total loss to 590 pips since the pair surged last week ahead of the results of the U.S. elections. Aside from the ...

Submitted Nov 10, 2016|From dailypriceaction.com

Just as there are many schools of thought on how to profit from the financial markets, there are often multiple ways to approach a single pattern on your chart. On Tuesday just hours before the results from the U.S. election started pouring in I ...

Submitted Nov 7, 2016|From dailypriceaction.com

As we approach the US election, volatility across market segments is likely to continue to ramp up. And the latest weekend gaps on several currency pairs including the EURJPY below are a direct reflection of the rampant speculation surrounding this ...

Submitted Nov 4, 2016|From dailypriceaction.com

Just the other day I mentioned the possibility that the NZDUSD has been carving out a five-month head and shoulders reversal. While hardly confirmed, I do suspect the pair will face some headwinds at current levels. For example, I made the following ...

Submitted Nov 3, 2016|From dailypriceaction.com

The last time we discussed the EURCAD, it was trading near trend line support that extends from the December 2015 low. Although the level didn’t break, the bullish pin bar that resulted on October 19th signaled that the level is worth keeping on our ...

Submitted Nov 1, 2016|From dailypriceaction.com

Aside from the British pound, the majors are finding some reprieve today against the US dollar with the Euro leading the way. The single currency is off its session lows by a substantial 90 pips and is once again putting pressure on former wedge ...

Submitted Oct 27, 2016|From dailypriceaction.com

Readers of this site are no stranger to the AUDUSD, especially in recent weeks. It has quickly become one of the more talked about currency pairs given the late-stage terminal pattern that’s been forming since the January lows at 0.6825. However, I ...

Submitted Oct 26, 2016|From dailypriceaction.com|4 comments

On September 3, 2015, I released commentary on the EURUSD that attracted quite a few skeptics, to say the least. I’ll admit, it wasn’t exactly a range trade idea. Instead, I was building the case for a 2,900 pip drop (at the time). The title of the ...

Submitted Oct 24, 2016|From dailypriceaction.com

Over the weekend I mentioned how the NZDUSD was likely gearing up for another run at ten-month channel support. I also commented on how last week’s close was marginally above the 0.7160 area, leaving some doubt as to how the pair would kick off the ...

Submitted Oct 21, 2016|From dailypriceaction.com

This past Tuesday when the GBPCAD was trading near 1.6130 I commented on the idea that the pair could find selling pressure at 1.6207. This area had a significant influence on price action in 2012 and 2013 and was, therefore, a level of interest ...

Submitted Oct 20, 2016|From dailypriceaction.com|6 comments

Over the weekend I mentioned the 0.7200 area on the NZDUSD. At the time the pair was trading below 0.7100 and looked more likely to break ten-month channel support than it did to retest 0.7200. Yet here we are less than four sessions later watching ...

Submitted Oct 18, 2016|From dailypriceaction.com

GBPCAD is nearly 2,000 pips into its southbound journey that began when the weekly head and shoulders pattern confirmed in late June. The flash crash in the pound earlier this month only exacerbated the downward spiral putting the pair below a ...

Submitted Oct 17, 2016|From dailypriceaction.com

The AUDNZD has been on a tear in recent weeks. Since September 14th, which was a seventeen-month low for the pair, the Aussie cross has gained an impressive 450 pips. However, the rising wedge on the 4-hour chart indicates that the current rally is ...

Submitted Oct 13, 2016|From dailypriceaction.com

Extreme highs or lows in any market tend to become a supporting or resisting force in the future. But that doesn’t always translate to a horizontal level. Sometimes these areas produce trend lines that can transcend weeks, months or even years. I’m ...

Submitted Oct 11, 2016|From dailypriceaction.com|1 comment

While Friday’s flash crash in the British pound came as a surprise, the breakdown in the currency wasn’t so shocking. Most of its pairings were already showing signs of further weakness including the GBPJPY, which had carved out a series of lower ...

Submitted Oct 7, 2016|From dailypriceaction.com

On Monday I mentioned the descending channel that’s been forming on USDCHF since the 2016 high at 1.0255. At the time the pair was trading well below resistance at 0.9740. Fast forward to the end of the week, and we can see that buyers are now ...

Submitted Oct 5, 2016|From dailypriceaction.com

Despite a pullback in April and May, the EURGBP has marched higher in 2016 without much hesitation. The Euro cross is up nearly 1,500 pips so far this year, which is impressive for a pair that typically moves less than 100 pips in a single session. ...