Category Archives for Daily Forex Setups
Gold: 1200 More Significant Than You Realize
Last Friday I mentioned that it’s not a good time to be bullish gold. The market had just closed below the 1215 key level and looked ready to retest 1200. In fact, that’s exactly what I wrote in Sunday’s forecast: The most likely scenario, in my opinion, is a decline to channel support near 1200. […]
Continue ReadingGBPNZD: 600-Pip Move on the Horizon?
Just yesterday we looked at EURNZD. I highlighted the upward sloping flag that’s been developing since December of last year. As you probably know, EURNZD and GBPNZD often move in tandem. A pattern that forms on one is usually visible on the other. This time is no exception. Where EURNZD is still about 100 pips […]
Continue ReadingGBPJPY: No Shortage of Volatility
On Sunday I discussed how GBPJPY closed back below a certain key level before the weekend. That level is descending channel resistance from the year-to-date high. But before we dig into that, let’s take a look at the broader market structure. Here’s a view from the weekly time frame: We have two patterns at work. […]
Continue ReadingEURUSD Carves New 17-Month Low
Last Tuesday I wrote that the future direction of EURUSD hinged on 1.1430. The very next day, sellers had their moment. The single currency reached a session high of 1.1500 on November 7th, but sellers forced a sub 1.1430 close. That was our signal to go short. At the very least, it suggested sellers had […]
Continue ReadingEURNZD Selloff to Continue Below 1.6800
The multi-year uptrend for EURNZD looks to have run its course. In fact, the momentum began to slow in December of last year. Here’s how things look from the weekly time frame: Notice how the angle of the uptrend changed in late 2017. Instead of a parabolic move up, the EURNZD rally began to flatten. […]
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