Submitted Aug 7, 2016|From dailypriceaction.com

A strong start to last week fizzled relatively quickly for the EURUSD. Although the pair managed to close above the 1.1200 handle during Tuesday’s session, the surge was short-lived as the next three days combined for a total loss of 170 pips. ...

Submitted Aug 5, 2016|From dailypriceaction.com|3 comments

EURNZD formed a bearish pin bar on May 10th that went on to trigger an 1,800 pip landslide over the next two months. However, recent developments – namely the mid-July bounce from multi-year lows – hint at the idea that higher prices are on the ...

Submitted Aug 4, 2016|From dailypriceaction.com

Almost two weeks ago I mentioned the bear flag that had formed on the GBPAUD 4-hour chart. Preceding the continuation pattern was the July 22nd bearish engulfing day. Since that time the pair has traded mostly sideways, which hasn’t been too ...

Submitted Aug 3, 2016|From dailypriceaction.com

A few days ago I mentioned the potential double top pattern that had formed on the AUDCAD 4-hour chart ahead of the Reserve Bank of Australia rate decision. But despite a rate cut by the central bank that sent the currency reeling immediately ...

Submitted Aug 1, 2016|From dailypriceaction.com

Is AUDCAD in the process of topping ahead of the RBA rate decision or is this mere consolidation before the next leg up? Of course, the answer to that question will remain elusive until one of two levels fails. But before we get to that I want to ...

Submitted Jul 29, 2016|From dailypriceaction.com|1 comment

A few days ago I mentioned the bearish price action that was plaguing USDJPY ahead of the much-anticipated FOMC statement and BoJ announcement. It all started with the bearish engulfing candle on July 21st. This formation occurred after retesting ...

Submitted Jul 28, 2016|From dailypriceaction.com

Aside from the erratic price action that ensued from last month’s Brexit, GBPCAD has been carving out some excellent levels and patterns over the last two months. For those who were around last month, you may remember the June 3rd break below trend ...

Submitted Jul 27, 2016|From dailypriceaction.com

Following the post-Brexit rally that launched EURGBP higher by more than 1,000 pips, the currency cross has found itself trading sideways for the last two weeks. Within the sideways price action since July 13th, we can see that a wedge has formed. ...

Submitted Jul 26, 2016|From dailypriceaction.com|1 comment

Despite best efforts to rally this week, EURUSD is coming under fire yet again in what has become a slow grind lower since the July 5th retest of former channel support. If you read my most recent weekly forecast, you know that I’ve been keeping a ...

Submitted Jul 22, 2016|From dailypriceaction.com|1 comment

GBPAUD has been in consolidation mode since the post-Brexit selloff that caused prices to plunge 2,600 pips in just 12 trading days. The consolidation, which began with the July 11th multi-year low, has carved out an ascending channel on the ...

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

Yesterday I commented on the NZDUSD selloff that triggered when the pair closed below channel support that extends from the May low at 0.6675. The economic update released by the RBNZ early in today’s session gave rise to additional concern about ...

Submitted Jul 20, 2016|From dailypriceaction.com

Creating a Forex money management strategy and risk control plan doesn’t have to be a difficult task. In fact, it’s one of the easier things you can do to protect your trading capital. Despite this truth, it’s often overcomplicated to the point that ...

Submitted Jul 14, 2016|From dailypriceaction.com|4 comments

Like many other currency pairs in recent weeks, the price action on NZDUSD has been quite volatile and choppy. Despite the Brexit-inspired selloff on June 24th that contributed to a loss that totaled 250 pips, the pair managed to rally back this ...

Submitted Jul 13, 2016|From dailypriceaction.com|2 comments

Consider the following scenario. You’ve had EURUSD on your watch list for weeks. More specifically, you’ve been waiting for a break below a key support level to take advantage of the selloff that’s sure to follow. After three weeks of practicing ...

Submitted Jul 12, 2016|From dailypriceaction.com|2 comments

Over the weekend I mentioned the idea that EURAUD would likely collapse unless buyers came out in force this week. Based on today’s session thus far, it seems this idea could become a reality in the very near future. The Euro cross is currently ...

Submitted Jul 11, 2016|From dailypriceaction.com

EURUSD lost additional ground last week following the July 5th retest of former channel support as new resistance. I mentioned the retest of this key inflection point on July 5th shortly before the pair lost an additional 40 pips. With Friday’s ...

Submitted Jul 6, 2016|From dailypriceaction.com

After two consecutive false breaks above the 0.7200 area on the daily chart, NZDUSD seems to be finally giving in to the selling pressure. The weakness we’ve seen over the last two days is the reason I kept the risk-sensitive pair on my watch list, ...

Submitted Jul 5, 2016|From dailypriceaction.com

EURUSD is in the process of retesting the area I mentioned over the weekend. The 1.1200 region includes a key pivot that dates back to early 2015 as well as former channel support that extends from the December 2015 low. Additionally, the level is ...

Submitted Jul 4, 2016|From dailypriceaction.com

EURUSD has jumped to the top of my watch list this week. After plunging 520 pips following the June 24th Brexit vote, the pair has now managed to retrace 50% of that move. It’s also no secret that the recent relief rally appears corrective in ...

Submitted Jul 1, 2016|From dailypriceaction.com

The divergence across global markets continues to grow following last week’s UK decision to leave the EU. Many of the broad market indices have either erased all post-Brexit losses or are less than 100 points away from doing so. But although the ...