Category Archives for Daily Forex Setups

NZDUSD: Keep an Eye on 0.7180 Next Week

NZDUSD daily time frame

The NZDUSD is coming off a 340 pip slide that started April 13. In similar fashion to that of the EURUSD, GBPUSD and especially the AUDUSD, the New Zealand dollar has felt the effects of a strengthening USD. As for the NZDUSD, the seven-day losing streak broke a significant support level. The 0.7180 handle served […]

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USDJPY Retests 2012 Trend Line as New Resistance

USDJPY trend line resistance

The USDJPY is in the process of testing the trend line I mentioned just two days ago. Buyers managed to clear the 108.50 handle following Monday’s commentary, leaving sellers with their last line of defense — former trend line support from September 2012. Yesterday’s high at 109.20 retested the level as new resistance for the […]

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AUDUSD Shorts Favored Below 0.7640

AUDUSD new resistance area

The AUDUSD has taken a beating over the last few days. Just when it looked as though buyers were gaining some traction above 0.7750, sellers were there to cap any advance. The pair lost more than 200 pips in the final three sessions of last week. But the most significant development occurred during Friday’s session, […]

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USDJPY Buyers Extend Gains, but Key Test Remains

USDJPY key levels on the daily chart

USDJPY bulls had a difficult time breaking above the 107.40 handle. I wrote about it in the April 15 weekly forecast, noting that it would take a daily close above the level to push prices higher. In that same forecast, I also mentioned the April 13 bearish candle and how I did not consider it […]

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EURUSD: 1.2300 Is the Level to Watch

EURUSD daily trend lines

After just ten trading days, the EURUSD is back to testing the “must hold” support level I mentioned on April 6. In fact, it’s already dropping below the level on an intraday basis. What’s interesting about the last ten days is that buyers failed to challenge the 2008 trend line. You can see how the […]

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EURJPY Reaches 133.00; Where to Next?

EURJPY key levels on the daily chart

On April 10 I wrote about how I was keeping an eye on the EURJPY 133.00 handle. The level has served as a pivot since September of last year and was therefore likely to trigger a reaction if tested. That retest materialized about seven hours ago. As of now, we can see some selling pressure […]

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AUDUSD Bulls on the Move, Indeed

AUDUSD daily time frame

Last Thursday I pointed out a falling wedge pattern on the AUDUSD daily time frame and titled the post, “AUDUSD bulls on the move“. The idea was that a daily close above wedge resistance (near 0.7760/70 at the time) would expose the next key resistance at 0.7870/80. Despite Friday’s 60-pip surge, buyers were unable to […]

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AUDNZD: Return of the Bulls?

AUDNZD three year trend line support

The AUDNZD tested a critical support level last week. The trend line that extends from the 2015 low has received a considerable amount of action over the last three years. It was also responsible for triggering the 900 pip rally that began in June of last year. This Australian dollar cross tends to spend much […]

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EURCAD: Shorts Favored Below 1.5690

EURCAD daily time frame

In the April 1 weekly forecast, I mentioned a EURCAD trend line break on the 4-hour chart that could produce an opportunity to get short. Less than 24 hours later a bearish pin bar formed at 1.5880. That was the signal to get short for those interested. It’s turned out to be a profitable trade […]

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NZDJPY Bulls Fail to Retake 79.15

NZDJPY bearish pin bar on the daily chart

Following an impressive 400 pip rally that began on March 23, the NZDJPY is at risk of pulling back next week. Buyers struggled throughout Friday’s session to gain traction above the 79.15 handle. You can see from the chart below how this area has directed price action over the last few months. In fact, the 79.15 region […]

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