Category Archives for Daily Forex Setups

CADJPY Rejected by Channel Resistance, Eyes 80.55

CADJPY 4-hour chart

Since carving out a high in mid-December following the Trump inspired rally, the CADJPY has dropped 840 pips. We looked at the pair earlier this month, but buyers never managed a close above channel resistance that extends from the February 15th high. So here we are 100 pips lower still focused on the same channel. […]

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EURUSD Upward Sloping Flag in Focus Ahead of ECB

EURUSD upward sloping flag

Sometimes it pays to wait. This is especially true when faced with weekend gaps that disrupt market equilibrium, such as those triggered by Sunday’s first round of voting in France. The EURUSD gapped up by nearly 180 pips. And contrary to popular belief, gaps such as this don’t always close, at least not right away. […]

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AUDUSD Teeters on 0.7532 Ahead of Q1 CPI

AUDUSD range

After gapping up to start the week, the AUDUSD is now trading below Friday’s close. It didn’t take long for sellers to sniff out an opportunity following the weekend gap which was triggered by the outcome of the France elections on Sunday. Following a successful short last week, I’m also on the hunt for another […]

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AUDNZD Bulls Reclaim 1.0765

AUDNZD bull flag

I’ve mentioned the AUDNZD twice in April. The first was when the pair was carving out a bull flag and the second just after it had dipped below the 1.0765 key support level. However, the Aussie cross never set up for us as 1.0765 gave out before an opportunity could materialize. But despite last week’s […]

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EURUSD: Weekend Gap Challenges Twelve-Month Trend Line

EURUSD trend line

Over the weekend we looked at where the EURUSD might find buying and selling pressure in the week ahead. However, our scope was limited as the result of the French elections – which would no doubt impact currencies – had not yet come to pass. Now that markets have had some time to digest the […]

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EURUSD Moves Higher but Is It Sustainable?

EURUSD key levels

The EURUSD is up 160 pips so far this week after catching a bid at trend line support that extends from the current 2017 low. This is a level we discussed over the weekend as one that needed to break down for sellers to gain momentum. From a technical standpoint, the price action is playing […]

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EURGBP Carves Reversal Pattern Ahead of French Elections

EURGBP weekly head and shoulders

The time has come to delve further into what could be an 800 pip reversal pattern on the EURGBP. I’ve mentioned this potential bearish reversal formation several times over the past few months, but the pair had never been so close to capitulating as it was yesterday. Tuesday’s surge in the pound led to an […]

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AUDNZD: Are Buyers Ready to Give Up 1.0765?

AUDNZD intraday break

The AUDNZD is currently trading at levels last seen on March 3rd. That was the session that broke the 1.0765 handle, a level that had capped four separate advances since May of last year. Today’s intraday breakdown comes on the heels of more dovish than expected meeting minutes from the RBA. The relative strength of […]

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AUDUSD Rejected by Confluence of Resistance at 0.7608

AUDUSD range

Over the weekend I mentioned the 0.7608 handle on the AUDUSD. It’s an area that has directed price action since the January 24th high, and in my opinion, it’s the most obvious technical level in the currency market at the moment. I know some will disagree with that, but allow me to explain why I […]

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USDJPY at Key Inflection Point

USDJPY channel

The USDJPY has been off my radar for a while now. I’ve intentionally avoided the yen due to the currencies high sensitivity to risk. With tensions running high abroad, things can get rocky in a hurry. But although the safe haven status of the yen presents a challenge for the more risk-averse trader, there’s no […]

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EURUSD: Where to From Here?

EURUSD daily chart

The EURUSD once again finds itself wedged between support and resistance ahead of the weekend. It seems the additional five sessions haven’t produced much of a resolution compared to where we were last Friday. However, there is one thing we can draw from the past week’s price action. The trend line from the current 2017 […]

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EURCAD: Future Direction Hinges on 1.4095

EURCAD daily chart

Exactly one week ago we discussed how the EURCAD bulls were tiring following a 430 pip bearish engulfing week. When I released that commentary on April 6th, the pair had already broken channel support on an intraday basis. While writing that post, I took a short position at 1.4321, which I shared with members at […]

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AUDNZD Carves Bull Flag Following 690 Pip Rally

AUDNZD 4-hour channel

Over the weekend I mentioned the 1.0765 handle on the AUDNZD. Before the March 3rd close above the area, it had served as resistance on several occasions since May of last year. Although buyers haven’t shown much urgency, they have managed to hold price above the 1.0765 area this week. Furthermore, if we drill down […]

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EURAUD: Bearish Patterns Emerge Below 1.4180

EURAUD channel

The EURAUD is in the process of carving out an ascending channel on the 4-hour time frame. It’s the result of the 280 pip rally that began in the final session of March. Although the pair climbed to a high of 1.4216 yesterday, sellers were out in force above the 1.4180 handle. The selling pressure […]

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EURUSD: Will Sellers Hold 1.0596 Into the Close?

EURUSD daily chart

On Friday of last week, we looked at a trend line on the EURUSD that extends from the current 2017 low. It was unclear at the time whether or not the 1.0590 area would become a factor. Buyers appear to have held the line into Friday’s close. However, yesterday’s session failed to gain any traction […]

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