Category Archives for Daily Forex Setups

EURJPY Breaks Key Support, Targets 129.30

EURJPY double top reversal pattern

After consolidating between 131.80 and 134.40 for nearly two months, the EURJPY has finally broken down. It’s something we’ve been watching since the pair formed what appears to be a double top late last month. With Wednesday’s close at 131.48, traders can begin watching for selling opportunities. As long as the level holds as resistance […]

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USDCAD Terminal Pattern Nears Completion

USDCAD support and resistance on daily chart

USDCAD bulls have cleared the first hurdle at 1.2770. We discussed this level last Thursday when the pair was trading at 1.2745. The idea was to wait and see whether the pair would break above 1.2770 resistance or below trend line support. Monday’s close gave us the answer. And earlier in Tuesday’s session, it appeared […]

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EURGBP Range Break to Determine Future Direction

EURGBP range on the daily chart

Since breaking channel support on September 12, the EURGBP has gone nowhere fast. The pair has been limited to a 270 pip range between 0.8745 support and 0.9015 resistance since late September. There was even a bearish pin bar that formed on November 15 after tagging the 0.9015 area for the third time. This range […]

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USDCHF Preparing to Move Higher?

USDCHF range on the daily chart

Following the October 20 break of trend line resistance, the USDCHF went on to gain 200 pips. However, buyers ran into a wall of offers at 1.0035 in late October and early November and have struggled ever since. But if we translate the lows at 0.9435 as a double or even triple bottom, the pair […]

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NZDUSD Carves Fresh 2017 Low; Trades Below Key Support

NZDUSD breaking key support on daily chart

The NZDUSD has been one of the better performing currency pairs of late. One currency pair that might challenge that title is the USDJPY. The last time we looked at the New Zealand dollar, buyers had just reached the confluence of resistance at 0.6985. It’s the intersection of three levels. First is the trend line I […]

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USDCAD: Which Dollar Will Prevail?

USDCAD intersection of trend line support and horizontal resistance

The USDCAD is at a crossroads. Just the other day we discussed the trend line support that extends from the current 2017 low. That level intersects with the 1.2770 horizontal level near current prices. Yesterday’s session attempted to close back above the 1.2770 handle. However, buyers fell short of their goal and are once again […]

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USDJPY Bulls Fight to Hold 113.15

USDJPY key support and resistance on daily chart

The USDJPY is trading at its lowest level since October 19. More importantly, the pair is currently hanging 50 pips below the 113.15 handle. It’s a level we’ve discussed several times in recent weeks. Update: Over the past two hours, buyers have pushed prices back to 113.15. However, until we get a session close (5 […]

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EURUSD Future Direction Hinges on Today’s Close

EURUSD trend line on the daily chart

The EURUSD was grinding higher even before the London session opened. Buyers took prices above the 1.1670 handle and are holding firm near 1.1745 as I type this. It puts the single currency well above the make-or-break level at 1.1670. It’s a long-standing pivot and the neckline of what appears to be a head and shoulders […]

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USDCAD Higher Following Test of Key Support

USDCAD support and resistance on daily chart

The USDCAD is higher today as the U.S. dollar firms across the board. The pair tested trend line support on Friday and also appears to be carving a falling wedge pattern on the 4-hour chart. However, despite the bullish pattern above, there is still a key resistance area just above the current price. The 1.2770/5 […]

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EURUSD: Bearish Reversal Intact Despite USD Weakness

EURUSD daily chart showing key resistance level

EURUSD bulls are once again challenging the October 26 close below 1.1670. They did so between November 2 and 3, but sellers rejected the advance, leaving the single currency below the key handle on a daily closing basis. Thursday’s plunge in the dollar index (DXY) has sellers working overtime to defend 1.1670. We’ve discussed this […]

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