Submitted Mar 20, 2016|From dailypriceaction.com|2 comments

EURUSD continued its climb higher last week after finding support at the key 1.1060 handle. This came after further action from the ECB on March 10th fueled a 400-pip rally that put the pair well above the area. The coming week offers a fairly tight ...

Submitted Mar 16, 2016|From dailypriceaction.com|1 comment

As we head into yet another important FOMC statement, I wanted to bring up a currency pair that is somewhat sheltered from any Fed-induced volatility. I have mentioned AUDNZD several times since November of last year. Those commentaries mostly ...

Submitted Mar 7, 2016|From dailypriceaction.com|1 comment

As we approach Thursday’s ECB rate decision, one Euro pair in particular is approaching a key level that has yet to be tested as new resistance since the February 18th break. EURJPY has been treading water below the 126 handle since it closed below ...

Submitted Mar 6, 2016|From dailypriceaction.com

Although EURUSD managed to finish last week higher, the pair failed to overcome former channel support that extends off the December 2015 low. This leaves the immediate downside risk wide open as we head into a new week of trading that could prove ...

Submitted Mar 4, 2016|From dailypriceaction.com|1 comment

CADJPY has spent the last three sessions consolidating above the February 26th high of 84.30. The recent sideways price action began following Tuesday’s 180-pip rally that placed the pair above the key handle on a daily closing basis. The fact that ...

Submitted Mar 3, 2016|From dailypriceaction.com

EURUSD has backed itself into a corner ahead of tomorrow’s non-farm payrolls. As noted over the weekend, the former channel resistance that extends off the December 15th high was likely to act as support following last Friday’s close below channel ...

Submitted Feb 29, 2016|From dailypriceaction.com|4 comments

After weeks of skimming along key support, NZDJPY appears to have finally closed below the seven-year trend line that extends off the 2008/2009 crisis lows. This level coincides with the 74.40 handle, which had previously held as support since last ...

Submitted Feb 28, 2016|From dailypriceaction.com

EURUSD ended Friday with a significant break, closing below channel support near 1.0950. This came after the pair failed to recover back above the 1.1060 handle after sliding below it last Monday. Unless former channel resistance that extends off ...

Submitted Feb 24, 2016|From dailypriceaction.com|1 comment

After breaking trend line support on February 17th and subsequently retesting it as new resistance on the 18th and 19th, EURAUD has found selling pressure at a familiar level. The 1.5340 handle has played a role since the year 2000 but is more ...

Submitted Feb 22, 2016|From dailypriceaction.com

Any successful trader will tell you that using confluence to your advantage is key to finding consistent profits. It can help validate a trade idea which in turn provides a greater degree of confidence that the associated risk is worth the potential ...

Submitted Feb 21, 2016|From dailypriceaction.com

EURUSD lost significant ground last week. Although the pair finished above the 1.1060 handle, I can’t help but think that the 1.1375 high is important, mostly due to the fact that the level represents former channel support that extends off the 2015 ...

Submitted Feb 18, 2016|From dailypriceaction.com

In the most recent weekly forecast, I mentioned the 1.4350 level on GBPUSD. This has been an influential area since the second week of 2016 and continues to play its role as a tipping point between buyers and sellers. The February 1st close above ...

Submitted Feb 15, 2016|From dailypriceaction.com

The highs and lows of a market can tell you a lot about the underlying supply/demand relationship. Unfortunately for most traders, technical indicators have taken over their monitors to the point that they miss out on this very telling barometer of ...

Submitted Feb 14, 2016|From dailypriceaction.com

EURUSD finished off another positive week after rallying 240 pips from the open. However, there is one level that stood in the way last week, one which I believe could break the pair’s win streak in the week ahead. Last weekend I commented on the ...

Submitted Feb 11, 2016|From dailypriceaction.com

Market volatility can be a trader’s best friend or worst enemy, depending on a few key factors. One of those factors is identifying and properly trading obvious technical patterns. GBPAUD is forming such a pattern on both a daily basis as well as an ...

Submitted Feb 8, 2016|From dailypriceaction.com|8 comments

It’s finally happened, after months of speculating, USDJPY has closed below the 116 handle, confirming a reversal pattern that has been fifteen months in the making. The price structure formed after a massive rally that began in late 2011 catapulted ...

Submitted Feb 7, 2016|From dailypriceaction.com

EURUSD finally managed to break free last week from the consolidation that had persisted since early December 2015. I mentioned Wednesday’s break of confluent resistance, noting that the bullish break exposed the next level of resistance at 1.1210. ...

Submitted Feb 4, 2016|From dailypriceaction.com

NZDJPY, like other yen pairs, has enjoyed a respite over the past two weeks after a rocky start to the year, to say the least. But given the downtrend that is still in place, combined with the early 2016 selloff, the rally that began on January 20th ...

Submitted Feb 3, 2016|From dailypriceaction.com|9 comments

EURUSD had a banner session yesterday. After rallying a massive 240 pips from low to high, the pair settled 45 pips above former confluent resistance at 1.1050. This level marks the December 2015 high and is also former trend line resistance that ...

Submitted Jan 31, 2016|From dailypriceaction.com|3 comments

EURUSD caved last week after once again testing channel resistance that extends off the December 2015 high at 1.1058. A closer look at the 4-hour chart shows a bearish pin bar that formed following a retest of the key level, a trade that several of ...