Category Archives for Daily Forex Setups

EURJPY: 120.90 Holds the Key to a 220 Pip Drop

EURJPY key support

Like other yen pairs, the EURJPY enjoyed a long run-up following the November 9th U.S. elections. The cross gained more than 1,000 pips in just 26 trading days. But what goes up must come down even if only for a brief while. And at the moment, the 120.90 handle looks to be the only thing […]

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NZDJPY Bear Flag to Target 78.80 Measured Objective

NZDJPY bear flag

I’ll never hesitate to admit a mistake. It helps keep my feet on the ground and my head out of the clouds, which is the only way to be if you’re going to trade.  On Tuesday of last week, I commented on how the NZDJPY looked ready to target 79.40. This idea was a simple […]

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USDJPY: Traders Look to 114.55 for Directional Cues

The last time we discussed the USDJPY the pair had broken from an ascending channel and buyers had retaken the 111.40/80 region. Upon catching a bid in this area, the bulls extended the rally toward 114.55, which was our target for the setup. In just 48 hours, traders had their 300 pips of profit. Fast […]

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AUDNZD Extends Gains: 1.0500 Is Now Support

AUDNZD daily chart

Since my last commentary on the AUDNZD on January 4th, the pair has rallied 130 pips. The setup materialized on a break of trend line resistance that extends from the October 26th high. More specifically, we were looking for the 1.0420/30 area to hold as support following the break. The low since that time is […]

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NZDJPY Looks Ready to Target 79.40

NZDJPY 4-hour chart

On December 15th, 2016 we discussed a combination of bearish patterns on the NZDJPY. The confluence of resistance at 83.30 and 4-hour rising wedge spelled trouble for buyers. The very next day, on December 16th, the pair closed below wedge support on the 4-hour time frame. Sellers went on to take the pair 230 pips […]

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GBPJPY Clears Key Support: Look to 142.50 for Selling Opportunities

The GBPJPY closed below a key level yesterday at 142.50. This area first served as resistance in July of last year before flipping to support between December 5th, 2016 and January 5th of this year. With yesterday’s close, the 142.50 area becomes resistance. As such, any rotation back to the level could offer a selling […]

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NZDUSD: A Few Ideas Regarding Today’s Price Action

NZDUSD weekly close

Over the weekend I mentioned the idea that last Thursday’s break of resistance on the NZDUSD appears to have been false. The 0.6970 area had supported the pair since mid-June. But that changed when sellers closed the December 16th session below the level. After treading water just below 0.6970 toward the end of 2016, buyers […]

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NZDUSD: Intraday Price Action Puts Sellers in the Hot Seat

NZDUSD price action

The NZDUSD is testing the conviction of sellers today. As I type this, the pair is trading at 0.7019, well above the 0.6970 key resistance level. But for those who are familiar with the way I trade, you know that intraday price action means very little. In fact, when trading from the daily time frame, […]

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AUDNZD Finally Breaks Trend Line Resistance, Targets 1.0765

AUDNZD trend line

We’ve been tracking the AUDNZD since November 8th just hours ahead of an RBNZ rate decision and the U.S. elections. Namely, we were interested in the potential for an inverse head and shoulders pattern. At the time there wasn’t a lot to go on but the 530 pip measured objective was enough to earn the […]

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NZDCAD Follows Through on Sell Signal: 0.9225 Is the Level to Beat

NZDCAD new support

The NZDCAD has been on our radar since December 26th when the pair was consolidating below former trend line support. More specifically, we were watching for bearish price action from the 0.9340 area. However, instead of finding sellers at 0.9340 last week, the pair punched through the area and rallied to a high of 0.9414. […]

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GBPUSD: Bearish Bias Intact as New Opportunity Surfaces

GBPUSD range

The GBPUSD has now confirmed that sellers remain in control. The struggle for power was left unanswered last week given the various closing prices from some of the brokers I use. You may recall that following the break of wedge support on December 15th, our first target was 1.2326. After a brief retest of the […]

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AUDUSD Confirms Suspicion: Keep 0.7160 on Your Radar

AUDUSD consolidation

Over the weekend we discussed the AUDUSD and how the 0.7160 handle is the line in the sand between buyers and sellers. This area first came under fire on December 23rd and continued to serve as support throughout last week. Although Friday’s session managed a 0.7245 print, the selloff into the weekend left a bearish pin […]

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GBPJPY Challenges First Key Support on Journey to 138.80

GBPJPY support level

A few weeks ago we were discussing a broadening wedge that had been forming on the GBPJPY 4-hour chart. These patterns tend to signal exhaustion, which meant a pullback to support for the yen cross. In addition to the broadening wedge, the pair had also formed a bearish pin bar on December 15th. The candlestick […]

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NZDUSD: Rejection at Former Support to Carve Out Short Opportunity

NZDUSD bearish pin bar

Over the weekend I commented on how the NZDUSD was likely to attract offers at 0.6920/30. This area represents former descending channel support that extends from the October low at 0.7034. So far today’s high is 0.6929, and the pair is off that mark by 27 pips at the time of this writing. While there’s […]

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AUDNZD Bullish Potential Alive but Confirmation Needed

AUDNZD wedge

Someone asked me over the weekend about the AUDNZD trade idea I mentioned last week. To summarize, we were watching for a break above trend line resistance that extends from the October 26th high. Such a move would not only produce a potential buying opportunity, but it would also suggest that the six-month bullish reversal […]

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