Submitted May 11, 2016|From dailypriceaction.com

After rallying for several years at a clip that surprised most, USDCAD began to unravel in epic fashion starting in the third week of January. In a matter of 74 trading days, the pair gave up a massive 2,200 pips. But many are now wondering whether ...

Submitted May 6, 2016|From dailypriceaction.com|10 comments

The key to understanding why the markets move the way they do is being able to identify and understand chart patterns. Once you can do this, you can trade any instrument in any market. It’s that simple, at least from a technical standpoint. Why then ...

Submitted May 4, 2016|From dailypriceaction.com|12 comments

There is a reason I have stayed away from buying the EURUSD in recent weeks, and it all comes down to a level that has played a significant role since the 2015 low. I have mentioned this level in just about every weekly forecast for the past year. ...

Submitted May 3, 2016|From dailypriceaction.com

I’ve been talking about AUDUSD for some time now. At first, it was the upward sloping flag that hinted at the idea that the three-month rally was tiring. Then the false break above 0.7800 on April 19th gave us reason to believe that an extended move ...

Submitted Apr 29, 2016|From dailypriceaction.com

With the Australian dollar outpacing its New Zealand counterpart since mid-February, GBPAUD has been playing catch up to GBPNZD. While both crosses have suffered considerable losses since September of last year, GBPAUD has had to bear the brunt of ...

Submitted Apr 28, 2016|From dailypriceaction.com

Yesterday’s RBNZ statement caused quite the stir in the New Zealand dollar, sending the currency higher by more than 100 pips against the greenback. Naturally, this sent NZD crosses such as the GBPNZD lower by several hundred pips in the blink of an ...

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

Apparently someone forgot to tell the British Pound that this whole Brexit saga is a “bad” thing for currency rates. But then I’ve been saying for a while that sentiment has slipped too far too fast. And when everyone is screaming “sell,” that’s my ...

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

A little patience goes a long way as a Forex trader. This has never been more true after watching the last three days of price action on NZDUSD. I mentioned the ascending channel you see below on Tuesday, noting that it was a bit too soon to make a ...

Submitted Apr 14, 2016|From dailypriceaction.com|2 comments

The only thing worse for longs than a rising wedge is an upward sloping flag. Don’t get me wrong. Ascending and descending channels form all the time in trending markets. It’s when they occur after an extended move up or down and in the direction of ...

Submitted Apr 13, 2016|From dailypriceaction.com

Terminal patterns are a great foundation for any technical trading strategy for a variety of reasons. But one characteristic I’m always most attracted to is the idea that they must eventually produce an opportunity. Unlike other patterns that may or ...

Submitted Apr 8, 2016|From dailypriceaction.com

GBPUSD is on the brink of finishing another week in the red. The pair has now spent the better part of ten months trending lower, not including the selloff that began in July of 2014. I commented on the pound last Friday ahead of non-farm payrolls ...

Submitted Apr 6, 2016|From dailypriceaction.com|2 comments

EURUSD has been on a tear in recent weeks. The single currency is up more than 500 pips from the March 10th ECB low and is currently finding support at the 1.1340 handle. I mentioned this level in the most recent weekend commentary, noting that it ...

Submitted Apr 3, 2016|From dailypriceaction.com|1 comment

EURUSD has forced those with a bearish conviction to reconsider their outlook in recent weeks. The single currency is now up a healthy 570 pips since the March 10th ECB low at 1.0820 and a massive 880 pips since the December 3rd, 2015 ECB low at ...

Submitted Apr 1, 2016|From dailypriceaction.com|1 comment

Almost one month ago I mentioned two areas on AUDJPY that were likely to test bullish conviction. The first area of resistance broke down the very next day and triggered what would eventually become a 330-pip rally. The second area, on the other ...

Submitted Mar 30, 2016|From dailypriceaction.com|2 comments

I wrote a piece on Monday regarding NZDUSD where I asked the question, can short-term gains buck big-picture trends? In other words, can the recent bullish momentum overcome the bearish overtone of the weekly and monthly charts? So far, the bulls ...

Submitted Mar 28, 2016|From dailypriceaction.com

EURGBP has gained nearly 1,000 pips since November of last year, the longest sustained rally since the 2012 low. It hasn’t been pretty at times, and just when the pair seemed ready to give in, it somehow managed to churn higher. However, despite the ...

Submitted Mar 27, 2016|From dailypriceaction.com|1 comment

Not much changed last week for the EURUSD amid a lack of market-moving news and light holiday trade. This week doesn’t promise to be much more exciting given the Monday holiday for many banks and non-farm payroll on Friday. Markets have a tendency ...

Submitted Mar 25, 2016|From dailypriceaction.com

Early in Thursday’s trade, USDCAD closed above the two-month trend line that extends off the January high. At the time, it was just an intraday break on the 4-hour chart. However, the pair later managed a session close above the key handle. The ...

Submitted Mar 22, 2016|From dailypriceaction.com

EURAUD continues to tread water above trend line support that extends off the April 2015 low. I mentioned this level a few days before the ECB rate decision that took place on March 10th. Despite the Euro’s aggressive rally during Mario Draghi’s Q&A ...

Submitted Mar 21, 2016|From dailypriceaction.com

A fairly uneventful session has left AUDJPY coiling even tighter following the 650-pip rally that commenced on March 1st. I commented on the pair shortly after it began its ascent, noting the two channels I was keeping an eye on at the time. You can ...