Submitted Jul 27, 2015|From dailypriceaction.com

I have been bearish on NZDJPY since the start of the new year. The multi-year high made in December of last year was telling, to put it lightly, that the two-year rally was likely coming to an end. How did I determine that? Let’s just say I’m glad ...

Submitted Jul 26, 2015|From dailypriceaction.com

EURUSD continues to be a direct reflection of the uncertainty in global markets, namely the situation surrounding Greece and now concerns about the slowdown in China. Just as the future of these themes remains elusive, so too does the future ...

Submitted Jul 22, 2015|From dailypriceaction.com

USDCAD has enjoyed an impressive run since the June low was put in at 1.2125. While we missed some of the initial rally, the gains made since late June have been fair game for anyone who has been following this site. The first bullish setup occurred ...

Submitted Jul 21, 2015|From dailypriceaction.com

Two weeks ago, July 6th to be exact, I mentioned the bull flag pattern that had been forming on EURAUD since early June. The commentary was put out shortly after the pair had confirmed the pattern with a break higher. That trade setup went on to ...

Submitted Jul 20, 2015|From dailypriceaction.com|2 comments

The weekend gaps last month made a mess of the inverse head and shoulders pattern that had been forming on EURCAD since mid March. That said, the pattern thus far has stayed true to form and the pair appears to be making another attempt at a break ...

Submitted Jul 15, 2015|From dailypriceaction.com|1 comment

Yesterday marked a major turning point (or should I say continuation?) for the Canadian dollar. The Bank of Canada cut the benchmark interest rate to 0.50%, which marked the first rate cut since January when they cut from 1.00% to 0.75%. But enough ...

Submitted Jul 15, 2015|From dailypriceaction.com|2 comments

USDCAD has offered up some great long opportunities this year that have been more obvious than not. It started with the bullish pin bar on January 15th, followed by the bullish inside bar on March 9th. The latest opportunity was the break from the ...

Submitted Jul 13, 2015|From dailypriceaction.com|1 comment

The outlook for Greece remains uncertain and so too does the future direction of the EURUSD. But this is nothing new for those who have followed the happenings in Europe over the past six months. In fact it has been more than six months since I have ...

Submitted Jul 7, 2015|From dailypriceaction.com|1 comment

It’s no secret that things look bleak for Greece. Deal or no deal, things are likely going to get worse before they get better. This unrest can be seen in the price action through the recent break below the 1.1050 key support handle for EURUSD. ...

Submitted Jul 6, 2015|From dailypriceaction.com|3 comments

EURUSD is set to remain as a top priority for many traders in the coming weeks, especially given the recent result of the referendum in Greece. However I’m of a different mindset in terms of where my priorities lie as a trader. The future of the ...

Submitted Jun 30, 2015|From dailypriceaction.com

The Canadian dollar has sold off aggressively to start the week, and that’s putting it nicely. With this weakness of course comes strength in pairs such as USDCAD and GBPCAD. I mentioned the potential for a USDCAD breakout on Monday which was ...

Submitted Jun 29, 2015|From dailypriceaction.com|2 comments

USDCAD remains at the top of my watch list this week. After an impressive 2,200 pip rally from July of 2014 to January of 2015, the pair has been consolidating for the better part of five months. Trading channel breakouts is one of my favorite ...

Submitted Jun 25, 2015|From dailypriceaction.com

We have been monitoring this ascending channel on EURJPY for some time now. In fact it was first mentioned in the June 7th commentary after the pair had just come into resistance at the 141.00 handle. Now that the pair has had nearly three weeks to ...

Submitted Jun 24, 2015|From dailypriceaction.com|1 comment

I mentioned NZDJPY in the weekly forecast, noting to watch for a retest of former support as new resistance. The importance of the level in question was made clear by the head and shoulders pattern that has been developing since February of 2014. ...

Submitted Jun 23, 2015|From dailypriceaction.com

It’s no secret that USDJPY has been in a broader uptrend for quite some time. In fact since 2012 the pair has advanced nearly 5,000 pips. Of course all good things must come to an end, and trends in the Forex market are certainly no exception. ...

Submitted Jun 21, 2015|From dailypriceaction.com|1 comment

The slow but steady EURUSD rally continued for the fourth straight week last week. Although the pair has spent much of this time consolidating, the general momentum has remained bullish as the pair has advanced more than 500 pips since late May. It ...

Submitted Jun 17, 2015|From dailypriceaction.com

As I mentioned yesterday, FOMC is usually an extremely volatile event for the markets. But this volatility isn’t all bad for those trading the higher time frames. In fact I prefer it because it tends to dish out favorable setups once the US market ...

Submitted Jun 16, 2015|From dailypriceaction.com|22 comments

As we all know, FOMC is not an event to be trifled with. The internet is filled with war stories about how this single event has caused some serious damage to trading accounts. As such I always prefer to stand aside until the market has closed ...

Submitted Jun 15, 2015|From dailypriceaction.com

We continue to keep a close eye on EURJPY as the pair carves out what may be the second corrective move inside the ascending channel that began in mid April. Buyers stepped up during Friday’s session, pushing the pair higher on a retest of the ...

Submitted Jun 8, 2015|From dailypriceaction.com|1 comment

EURUSD was a mixed bag last week. The pair started out strong with a three day rally that saw an intraday break of the 1.1275 key handle, however the selling pressure above this level proved too strong as the pair quickly lost ground during ...