Category Archives for Daily Forex Setups

EURUSD: Keep an Eye on Today’s Close in Relation to 1.0635

EURUSD false break

On Wednesday we discussed the rebound in the EURUSD after reaching our short-term target at 1.0520. In that commentary, I mentioned how the 1.0635 handle was a key factor in determining the most likely path forward. In truth, if a valid sell signal had surfaced during yesterday’s session, I would have been compelled to enter […]

Continue Reading

NZDUSD Reaches 0.7240 Resistance, but Sell Signal Remains Elusive

NZDUSD retest of resistance

Almost one week ago I commented on how the NZDUSD had broken below the 0.7240 handle. The plan at the time was to wait for a retest of this level as new resistance. Just three hours after yesterday’s close, the pair reached a high of 0.7241 before losing 35 pips over the next 12 hours. […]

Continue Reading

EURUSD Rebounds After Reaching Short-Term Target at 1.0520

EURUSD range

The EURUSD has reached our short-term target in the 1.0520 region, giving those who sold the pair near 1.0715 a profit of at least 180 pips. I was also in this trade and exited ahead of today’s U.S. session for a 3R profit. The single currency has rebounded quite aggressively following a print of 1.0520. The […]

Continue Reading

AUDUSD Rally Showing Signs of Exhaustion: Top in Place?

AUDUSD upward sloping flag

Is the AUDUSD rally about to reverse course? That’s the question many traders are asking following this morning’s shakedown. The cause of today’s tumble was a hawkish remark from Janet Yellen about the need for the Fed to raise rates at the next meeting. But let’s not get ahead of ourselves. After all, it’s a […]

Continue Reading

EURGBP Running Out of Time to Stop an 850 Pip Reversal

EURGBP head and shoulders

A few weekends ago I mentioned that I like to have at least one long-term play on my watch list. And the price action on the EURGBP since July of last year certainly fits the bill. As you can see from the weekly chart below, the Euro cross has carved out what appears to be […]

Continue Reading

NZDUSD: Watch for a Retest of 0.7240 Next Week

NZDUSD new resistance

The NZDUSD has broken free from its chains. Wednesday’s RBNZ statement was enough to push the pair out of its 0.7300 comfort zone, but yesterday’s 80 pip selloff is what sealed the deal. We’ve discussed the importance of the 0.7240 area for quite some time now. The level acted as a key pivot for the […]

Continue Reading

AUDUSD Bullish Bias Intact, but 0.7750 Could Be Problematic

AUDUSD confluence of resistance

The AUDUSD has been in rally mode since the start of 2017, gaining more than 500 pips in a relatively short period. And while this move is becoming a bit overstretched, I’m not so sure that buyers are ready to throw in the towel just yet. At the moment, the 0.7608 handle is supporting the […]

Continue Reading

EURUSD Slips Below Channel Support: 1.0715 Is Now Resistance

EURUSD channel

Since the start of the new year, the EURUSD has been trending higher. But despite gaining nearly 500 pips over the past five weeks, this rally still looks corrective given the bearish momentum since last May. Over the weekend, I commented on the ascending channel that has directed price action since the January 11th low. […]

Continue Reading

NZDUSD Teeters as US Dollar Pops and RBNZ Looms

NZDUSD confluence

The NZDUSD looks indecisive following its 500 pip rally over the last six weeks. But we’ve seen this story before. The bearish engulfing candle on January 26th, which formed at the confluence of resistance at 0.7300 failed just three days after developing. Over the past week, I’ve commented several times on how the safest way […]

Continue Reading

USDJPY: Is the Recent Move Corrective? Time to Find Out

USDJPY areas of support

The November 9th U.S. elections had a drastic effect on the USDJPY. In just 26 trading days the pair garnered more than 1,700 pips, making it one of the most aggressive rallies since late 2014. However, since topping out at 118.65, the pair has been unwinding in rather volatile fashion. So far the USDJPY is […]

Continue Reading

GBPUSD: Sellers Carve Out Bearish Engulfing Day Ahead of NFP

GBPUSD bearish engulfing candle

Over the weekend I commented on a 260 pip range that would likely restrain the GBPUSD this week. Key support came in at 1.2415 while resistance was last Thursday’s high at 1.2673. I wasn’t too far off the mark as this week’s low so far is 1.2411, and yesterday’s high was 1.2705. But more important […]

Continue Reading

NZDUSD Slips Back Below 0.7300 Ahead of FOMC

NZDUSD resistance

The recent NZDUSD rally has been impenetrable. Just when it looked as though the pair was struggling per last Thursday’s bearish engulfing candle, buyers extended the rally another 40 pips during yesterday’s session. But NZDUSD bulls aren’t out of the woods just yet. In fact, the 0.7300 area I mentioned last week is intact and is […]

Continue Reading

AUDJPY Range Play in Focus as Risk-Off Continues

The AUDJPY has been trading in a 330 pip range since breaking above the 83.70 handle on November 24th of last year. And after the third retest of resistance on Friday, the pair looks ready to test 83.70 support once more. With the latest 4-hour close, the yen cross has broken trend line support from the […]

Continue Reading

EURUSD Breaks From Consolidation, Targets 1.0515

EURUSD break of support

The EURUSD has broken below trend line support that extends from the current 2017 low. I mentioned this level last week and also commented on the predicament the pair faced over the weekend. Today’s 4-hour break isn’t too surprising though considering how the pair was struggling to keep its head above water on Friday. This […]

Continue Reading

EURUSD Cracks Key Support Ahead of US Fourth-Quarter GDP

EURUSD rising wedge

Despite having gained more than 400 pips so far in 2017, the EURUSD looks ready to resume the broader downtrend. The pair has closed back below the key 1.0715 handle ahead of the US fourth-quarter GDP. Over the weekend I mentioned how this area would likely act as a pivot for the pair. A close […]

Continue Reading
1 2 3 48