Category Archives for Daily Forex Setups
GBPJPY Rally Stalls at 148.30
Just 24 hours ago I discussed the bearish engulfing range that developed on GBPJPY as a result of Friday’s selloff. It also formed at a confluence of resistance at 149.30 as well as what appears to be a swing high following a 1,000 pip rally. The only questionable factor was that it formed on Friday. […]
Continue ReadingAUDUSD Reacts to Falling Wedge Resistance
Exactly one week ago at this same time, I wrote about how AUDUSD buyers were attempting a reversal. The pair had recently fallen below wedge support at 0.7100. However, the September 12th close above 0.7150 suggested that was a false break. As you may well know, a false break to one side of a pattern […]
Continue ReadingEURUSD Surges Above Key Resistance
Two days ago I discussed how the future direction for EURUSD hinges on 1.1720. The area is the intersection of a key horizontal level and a trend line that extends from the July 9th high. That trend line, by the way, maybe the neckline of a 440 pip inverse head and shoulders pattern. If confirmed, […]
Continue ReadingEURAUD Tumbles Back Below Ascending Channel Top
One of the five currency pairs I wrote about on Sunday was EURAUD. What caught my attention was how the pair broke above an ascending channel on September 7th. As I’ve mentioned before, upside breaks of ascending patterns don’t usually last. In other words, they tend to be false breaks more often than not. Here’s […]
Continue ReadingEURUSD: Future Direction Hinges on 1.1720
Over the weekend I pointed out how the 1.1720 area on the EURUSD would likely attract sellers if tested again this week. Less than 48 hours in, and the pair is already doing just that. You can see how Euro bulls tested 1.1720 a few hours ago. And not surprisingly, they were met by a […]
Continue ReadingAUDNZD Nears Key Inflection Point at 1.0890
Like some other crosses such as EURGBP, the AUDNZD can be sporadic at times. Even moves on the daily time frame tend to partially backfill more often than not. However, like any market, the AUDNZD can offer some incredibly profitable setups if you’re patient enough and know what to look for. One such setup may […]
Continue ReadingAUDUSD Buyers Attempt Reversal Above 0.7160
The AUDUSD seems to be getting its cues from GBPUSD. Last Friday, the Australian dollar closed below a confluence of support at 0.7160. I mentioned this breakdown over the weekend. However, I gave a warning about Friday’s move. Here’s what I wrote on Sunday: Just know that Friday’s breakdown could be a bear trap, so […]
Continue ReadingEURUSD Requires Patience, and Lots of It
The EURUSD is proving once again that the range between 1.1530 and 1.1630 still matters. I mentioned both levels a couple of times last week and again on Sunday where I wrote that an early retest of 1.1530 this week seemed likely. Monday’s session did just that. Sellers challenged 1.1530 but were unable to penetrate […]
Continue ReadingGBPCAD Approaches Confluence of Resistance at 1.7300
If you’ve followed me for the last few months, you most likely remember what happened to the GBPCAD at the end of July. Following the July 26th close below 1.7180, the pair lost nearly 600 pips in just 14 trading days. That 1.7180 level was the neckline of a 1,500 pip head and shoulders pattern. […]
Continue ReadingEURUSD: Indecisive but Technically Sound
Despite the indecisive price action of late, the EURUSD has respected key support and resistance nicely. On Sunday, I mentioned how 1.1530 would likely attract a bid while any retest of the 1.1640/50 area would trigger an influx in selling pressure. Tuesday’s session reached a low of exactly 1.1530 before bouncing 50 pips into the […]
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