Category Archives for Daily Forex Setups

USDCAD Rally Snaps; Pair Loses 50 Pips in 60 Seconds

USDCAD ascending channel on the daily chart

USDCAD bulls hit a major roadblock earlier in today’s session. In fact, it’s the same resistance area we looked at this past Monday. The 1.3260/70 area is the intersection of the June 22nd and 25th lows and ascending channel resistance that extends from the October 2017 highs. Today’s rejection from the area was so intense […]

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GBPAUD Breaks Range Support, Targets 1.7500

GBPAUD key levels on the daily time frame

There’s no shortage of pending reversal patterns at the moment. We discussed the potential head and shoulders on the GBPCAD less than 24 hours ago, and that pair tested neckline support earlier in today’s session. We also have the EURAUD that could be forming a 1,000 pattern of its own. Another currency cross in the same […]

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GBPCAD: One Step Closer to Confirming 1,500 Pip Reversal

GBPCAD daily time frame

At the beginning of the month (July 2nd to be exact) I pointed out the potential for a 1,500 pip drop on the GBPCAD. The head and shoulders reversal was far from confirmed, but sellers were well on their way to making it a reality. You’ll also note that the formation of the right shoulder […]

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EURUSD: Selling Pressure Mounts Below 1.1720

EURUSD daily time frame

If you read Sunday’s forecast, you know I wasn’t keen on the idea of buying the EURUSD. I even wrote that I was in no hurry to buy the pair. I also pointed out the lack of momentum since the beginning of June. For nearly two months, the single currency has been range bound following […]

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GBPUSD Bearish Pin Bar Keeps Prices Contained

GBPUSD daily time frame

Last Monday we watched as the GBPUSD sold off at the confluence of resistance at 1.3300. I discussed this area just 24 hours beforehand in the July 8th weekly forecast. However, Friday’s bullish pin bar suggested that the 1.3300 resistance area would likely come under pressure once again this week. Sure enough, yesterday’s high tested […]

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USDCAD Buyers Struggle to Move Higher From 1.3120

USDCAD trend line support

The USDCAD tested a key trend line support on July 9th and again on the 11th. We looked at this area last week as well as in yesterday’s weekly forecast. For now, there isn’t much to do here in my opinion. As I mentioned on Sunday, I don’t want to buy the pair while below […]

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GBPJPY Tests Key Resistance at 149.00

GBPJPY daily key levels

On Thursday of last week, I pointed out a key area of resistance on the GBPJPY near 149.00. This was a former support level as illustrated by the ascending channel that extends from the 2017 low. My first mention of this pattern was on May 4th. So we’re on the same page, here’s a view […]

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USDJPY: Where to From Here?

USDJPY two channels on daily time frame

On July 6, I pointed out the 110.30 area on the USDJPY. Given the confluence of support that had gathered there, I deemed it a “must hold” for buyers. I was skeptical at the time as to whether buyers could pull it off. The pair was having trouble moving higher from the region and was […]

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GBPJPY Buyers to Face Key Test at 149.00

GBPJPY key resistance level

The GBPJPY is fast approaching a critical resistance level. You may recall the ascending channel that extends from the April 2017. I’ve discussed it several times this year including the May 4th commentary a few weeks before the May 23rd breakdown. You can see where this former channel support served as resistance during the June […]

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GBPCAD: 140-Pip Range Delays 1,500-Pip Reversal

GBPCAD daily time frame

Nearly two weeks ago on July 2nd, I pointed out a massive 1,500 pip reversal pattern on the GBPCAD. The only problem is, the structure was far from confirmed. And while the pound cross is still hovering nearly 200 pips above the suspected neckline, the pending head and shoulders pattern is one step closer to […]

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