Category Archives for Daily Forex Setups

NZDUSD: Topping Pattern or Just Consolidation?

NZDUSD daily time frame

The NZDUSD has been churning higher since the May low at 0.6818. Just when it looked like the rally was tiring on July 11th, the pair went on to gain another 350 pips. But those gains were short lived as August has so far delivered a loss of 200 pips. With the pair back below […]

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AUDNZD: Selling Opportunity Next Week?

AUDNZD 4-hour wedge pattern

Want proof that we’re still dealing with the summer lull? Look no further than the numerous consolidation patterns we’ve discussed this week, including those on the EURGBP, USDCAD and now the AUDNZD. The Australian dollar cross has had a rough time over the last six years. Even after carving what appeared to be a massive inverse […]

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GBPUSD: Rising Wedge Puts 2017 Rally in Jeopardy

GBPUSD daily chart

Since the August 3rd bearish pattern that formed at 1.3250 resistance, the GBPUSD has lost nearly 400 pips. Sellers took a breather last week just above the 1.2970 handle, but even that level gave way this past Monday. Unless you’re looking at the price action since March, the pair seems to be hovering between 1.2770 […]

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USDCAD Sellers Take Out Key Support, Target 1.2420

USDCAD 4-hour channel

Over the weekend we looked at what appeared to be a 4-hour ascending channel on the USDCAD. The pattern has taken on a different shape since then, but there’s no denying that yesterday’s session broke support. Not only did seller’s take out channel support but they also broke the key horizontal level at 1.2660. You […]

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EURGBP Bulls Cling to Gains Following Retest of 2016 High

EURGBP 4-hour rising wedge

The EURGBP has been on a tear since coming off nine-month support at 0.8315. This was the level that appeared to be the neckline of a head and shoulders pattern back in April, but the pair never confirmed our suspicion. Just hours ago the Euro cross tested another critical level, this time 829 pips higher […]

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AUDJPY Carves Rising Wedge on the Intraday Charts

AUDJPY daily chart

The AUDJPY sold off heavily last week following the retest of the (new) area of resistance between 87.90 and 88.00. We discussed the idea of selling the pair from this area in the August 6th weekly forecast. With Friday’s test of key support at 85.80, our attention turns to new resistance at the 87.00 handle. […]

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GBPJPY Under Pressure Following Last Week’s Breakdown

GBPJPY bearish price action

Following last week’s break of key support at 143.00, the GBPJPY is in the process of retesting the area as new resistance. Monday’s price action came close to testing the 143.00 region, but even the session high was approximately 100 pips below the mean as measured by the 10 and 20 EMAs. As you may […]

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EURUSD Rally Intact but at Risk Below 1.1820

EURUSD daily chart

There’s no denying that the EURUSD rally is intact. The pair has made an impressive run throughout 2017, and the technicals still look relatively healthy. However, there is one pattern that formed a couple of weeks ago that is cause for concern if you’re a bull. The pin bar that formed on the weekly chart […]

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AUDJPY: Keep This on Your Radar for Next Week

AUDJPY daily chart

Today’s price action on the AUDJPY has triggered our profit target at 85.80. The idea posted over the weekend was to watch for a selling opportunity between 87.90 and 88.00. Following a high of 88.01 this past Monday, the pair plummeted to reach a low of 85.45. As anticipated, the price is rebounding after encountering […]

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GBPJPY Sellers Take Out Confluence of Support, Target 138.60

GBPJPY daily chart

Just two days ago we looked at the multi-month wedge pattern on the GBPJPY. Recent strength from the Japanese yen has triggered a selloff across the yen pairs, including the AUDJPY and NZDJPY as mentioned last week. Wednesday’s bullish pin bar on the GBPJPY was a bull trap. It’s an excellent example of why having […]

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EURJPY: Bearish Reversal Underway or Buying Opportunity?

EURJPY daily chart

The EURJPY broke down from an exhaustion pattern during yesterday’s session. We discussed it in the private forums, and I know of a few members who caught the breakdown that occurred around 130.20. For those who aren’t familiar with the upward sloping flag, it’s a pattern that signals exhaustion from buyers. The implications of the […]

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GBPJPY: Top Trade Idea for August

GBPJPY daily time frame

The GBPJPY is approaching a confluence of support near the 143.00 handle. We discussed this area over the weekend as one that could attract buying pressure this week. That support is part of one of the best looking multi-month wedge patterns I’ve seen in quite some time. At the moment, the pair is trading just 60 […]

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EURUSD Stumbles Following Breach of Channel Support

EURUSD 4-hour channel

One week ago we looked at how the EURUSD had become overextended to the upside. At the same time, the single currency was fast approaching the 1.1875 resistance level that I also mentioned in the July 31st commentary. Buyers made their best effort to keep prices elevated last week, but Friday’s selling pressure proved too strong. At […]

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NZDJPY Back to 82.00 Following Rejection at Range High

NZDJPY daily time frame

Last Monday we discussed the NZDJPY. More specifically, we were watching for directional cues at the 82.00 handle. The level has served as support since the pair broke above it on June 30th. However, instead of retesting 82.00, buyers pushed prices through the range ceiling at 83.20. That wasn’t too surprising given the uptrend that’s […]

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AUDJPY: Second Chance Opportunity in Play

AUDJPY 4-hour chart

Hours ago the AUDJPY tested the (new) resistance area at 88.60/80. We discussed the area over the weekend as one that could attract sellers following last Friday’s breakdown. However, like much of the market, the pair is taking its time following through on the recent break. I have no doubt the summer months are partially […]

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