Category Archives for Daily Forex Setups

EURUSD Bulls on the Move Despite Overextended Prices

EURUSD daily chart

EURUSD bulls have been on a tear in recent weeks. The single currency is up nearly 1,500 pips since the start of 2017, most of those gains coming on the back of the French election in late April. At the moment, I see no reason to question whether buyers can continue their winning ways. They […]

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AUDJPY Bulls Working Overtime to Keep Rally Intact

AUDJPY daily chart

The AUDJPY has been in rally mode since early June gaining 750 pips since that time. However, buyers have struggled in the last couple of weeks to breach the 89.30 handle. The level played a critical role between February and July of 2015. Last week produced something of a bearish pattern, but the lower wick […]

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EURUSD Confirms New Range Ahead of FOMC

EURUSD daily chart

Over the weekend we discussed how EURUSD bulls took out the 1.1610 handle last week. This level is the May 2016 high and was expected to attract a bid if tested this week. Sure enough, today’s low so far is 1.1612. Another level I mentioned on Sunday was 1.1710. It’s the August 2015 high as […]

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CADJPY Setting Up a Range Break Opportunity

CADJPY range break opportunity

During the summer months, it’s sometimes necessary to look a little closer to find setups due to the slowdown that often takes place. The CADJPY is a perfect example of a pair that is quietly developing in a way that could produce a favorable setup over the coming sessions. The 100 pip range between 88.20 […]

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NZDJPY: Watching for Directional Cues at 82.00

NZDJPY daily chart

The NZDJPY has been trending higher since carving a 2017 low in April just below the 76.00 handle. That puts the pair up 680 pips for the year at the time of this writing. However, since the start of July buyers have taken a breather. For the past seventeen trading days, the pair has been […]

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EURCAD in Recovery Mode but Staying Below 1.4680

EURCAD daily chart

On Tuesday the EURCAD retested a level we first discussed on July 7th. The trend line that extends from the December 2015 low has been a key pivot for the pair over the last two years. This week’s high of 1.4671 is spot on with the resistance area we studied on Tuesday. So far, the […]

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AUDUSD: Key Levels to Watch Ahead of Employment Data

AUDUSD daily chart

Yesterday we discussed how the AUDUSD had reached the confluence of resistance at 0.7830. The area attracted a few sellers after I released that commentary but has since fallen with today’s 140 pip surge. However, buyers are now facing yet another confluence of resistance, this time at 0.7935. This was the next level of resistance that […]

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AUDUSD Reaches Confluence of Resistance at 0.7830

AUDUSD daily chart

Following its largest one week gain since February of last year, the AUDUSD is picking up right where it left off on Friday. The pair is a few pips away from taking out last week’s high and is once again pressing the 0.7830 resistance level. The significance of the 0.7830 handle is two-fold. First, it’s […]

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EURCAD: Break of Key Support Exposes Downside Targets

EURCAD daily chart

Last Friday we studied the EURCAD, namely the long-standing trend line that had recently come under pressure. The level in question extends from the December 2015 low and has been a key factor since that time. The fact that the pair struggled to rebound after testing this level last week suggested a lack of bids in […]

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EURUSD: Buyers Tested Following Breach of Two-Year Level

EURUSD daily chart

After several unsuccessful attempts, EURUSD bulls closed the single currency above the confluence of resistance at 1.1440 on Tuesday. This was a possible outcome I mentioned over the weekend as one that would keep the bullish momentum intact. The 1.1440 area is the intersection of a key horizontal level and the trend line that extends from […]

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AUDNZD Breaking Out but Daily Close Is Key

AUDNZD breakout

The AUDNZD is once again surging through a key level I mentioned last Wednesday. At the time, the pair was trading near 1.0425 and still consolidating following the 400 pip drop that began in mid-May. As we discussed last week, the consolidation since late May hinted at a move higher. The way price action has been […]

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NZDUSD: Key Support Looks Fragile Following Consolidation

NZDUSD 4-hour chart

Like several other currency pairs, the NZDUSD has been a bit stubborn since the beginning of June. This isn’t too surprising given that it’s vacation season for many, so things do tend to slow down this time of year. However, New Zealand dollar bulls have worked their way into a corner and are quickly running out of […]

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EURCAD: Direction Hinges on Long-Standing Trend Line

EURCAD daily chart

The EURCAD is at a crossroads. On the one hand, the pair has been quite bullish since February, but on the other, sellers are forcing a retest of a long-standing trend line. The April 24th close above the trend line that extends from the December 2015 low triggered an explosive 600 pip rally that topped […]

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AUDUSD: Following Up on Wednesday’s Sell Signal

AUDUSD 4-hour chart

On Tuesday we discussed how the AUDUSD rally was in jeopardy below 0.7620. This area is the intersection of former trend line support from the June 2nd low as well as several highs from last month. It’s also the 23.6% Fibonacci retracement when measuring from the May low at 0.7328 to the June high at […]

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AUDNZD Consolidation Could Trigger a Move Higher

AUDNZD daily chart

The AUDNZD started 2017 on a positive note. The 700 pip rally between January 31st and March 16th was the most aggressive since March of last year. However, recent losses have wiped out all of this year’s gains. And since early June the Australian dollar cross has been directionless and consolidating within a 200 pip […]

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