Category Archives for Daily Forex Setups

AUDJPY Breaks Key Support, Targets 83.73

AUDJPY daily chart

The AUDJPY appears to have broken a key support level. The 85.35 handle has been a critical factor for the pair since the start of 2017 and yesterday’s close at 85.32 should continue to attract selling pressure. But as you may well know, what we sometimes think are precise levels are instead areas of support […]

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GBPJPY Plunges Below 138.90 on Flight to Safety

GBPJPY break of support

Just yesterday we were discussing the potential for the British pound to continue to advance against the greenback. And given yesterday’s close, that still seems likely so long as 1.2410 holds up as new support. But the pair’s counterpart, the GBPJPY, hasn’t fared nearly as well over the past 24 hours. Yesterday’s plunge in equities […]

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AUDUSD Bearish Engulfing Day Puts Buyers in the Hot Seat

AUDUSD bearish engulfing

The Australian dollar has been one of the more resilient currencies against the greenback so far in 2017. Between January 1st and February 23rd the pair gained an impressive 550 pips. I went short at 0.7730 on the February 23rd retest of resistance and also added to the position using the bearish pin bar that […]

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GBPUSD: Daily Close Above 1.2410 to Offer Buying Opportunity

GBPUSD area of confluence

The GBPUSD has broken the confluence of resistance at 1.2410/20 on an intraday basis. We discussed this area over the weekend as one that could give way to higher prices if broken. I also mentioned last week’s bullish engulfing candle, which is the reason I ignored yesterday’s bearish rejection from the 1.2410 handle. It’s a good thing I […]

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NZDUSD Extends Recent Gains With a Close Above 0.7040

NZDUSD daily

Over the weekend I mentioned that we could get a range break opportunity from the NZDUSD this week. At the time the pair was trading between 0.6970 support and 0.7040/5 resistance. Given the technical landscape of the past few months, I was favoring a break to the upside. Yesterday’s close at 0.7052 appears to have […]

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CADJPY Breaks Key Support but Keep an Eye on 83.55

CADJPY bull flag pattern

On Friday the CADJPY broke below the 84.60 handle. This level supported the pair on December 5th of last year but had more recently attracted buyers on February 28th and March 9th. Today’s high of 84.61 illustrates a retest of this area as new resistance. And last week’s breakdown suggests that we could see prices […]

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EURUSD Eyes Confluence of Resistance at 1.0800

EURUSD daily chart

The EURUSD is about to close out another banner week. It would be the third in a row since the single currency found a bid at 1.0520. And thanks to a more dovish than expected Fed, the pair is trading at its highest level since February 6th. But despite recent strength, the Euro has yet […]

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EURJPY Buying Opportunity Emerges, but 122.00 Is Key

EURJPY confluence of resistance

The EURJPY has given us a bullish pin bar following yesterday’s bounce from 121.20 support. I mentioned this area over the weekend as one to watch. More specifically, we were waiting for a pullback after last week’s 140 pip gain. Here’s how the daily chart looks after yesterday’s rally. On the surface, the pair seems […]

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USDJPY: Where to From Here?

USDJPY support and resistance

Now that the Fed and BoJ decisions are behind us let’s take a look at where the USDJPY stands. And more importantly, where it may be heading from here. Just a few days ago the pair was testing key resistance at 115.10. I mentioned this area twice last week including the bearish rejection that occurred […]

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EURAUD Reaches Target; Offers Second Chance Opportunity

EURAUD 4-hour channel

The EURAUD hit my target yesterday in the 1.3900 region. I had entered short at 1.4097 following Monday’s commentary which included the false break of 1.4090 coupled with a bearish engulfing day. I exited at 1.3907 as this was the spot of yesterday’s retest of 4-hour channel support which I also mentioned on Monday. So, […]

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AUDUSD Key Levels in Focus Ahead of Fed Decision

AUDUSD key levels

The AUDUSD boasts some of the best technical levels right now. And apart from the choppy price action in February, the last few months have produced some nice swings as well. As we move into the final hours before today’s highly anticipated Fed rate decision, I wanted to highlight a few levels I’m watching. Do […]

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EURUSD: Friday’s Breakout Being Put to the Test

EURUSD narrow range

The recent EURUSD breakout is being put to the test as I write this. Friday’s NFP-inspired close above 1.0635 was no doubt bullish, but I needed to see more from buyers to convince me that it was sustainable. In fact, three things are preventing me from taking a bullish stance at the moment. The trend for […]

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EURAUD Bulls Fail to Hold New Support at 1.4090

EURAUD bearish engulfing day

I haven’t commented on the EURAUD for quite some time. It isn’t a cross I usually trade, and toward the end of last year, the price action had become far too choppy for my liking. However, the past 48 hours of activity have caught my attention. On Friday, buyers managed to close the week above […]

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EURGBP Rally Falters: Here’s What I’m Watching

EURGBP ascending channel

The EURGBP has enjoyed a 360 pip rally over the past 11 trading days. During that time the Euro cross has only suffered one down day apart from today, which is quite impressive on its own. On Friday, buyers made another statement with a close above the 0.8720 handle. This level is the August 2016 […]

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USDJPY Teeters on 115.10 Following NFP

USDJPY daily chart

Two days ago we looked at the USDJPY. The pair was in the process of breaking free from a trend line that had capped advances since January 27th. Buyers managed to hold the line just in time for the 5 pm EST close. However, with the 115.10 handle still intact, I decided to remain on […]

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