Daily Price Action
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Category Archives for Daily Forex Setups

Gold Reaches Confluence of Resistance at 1322

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Gold rising wedge on the daily time frame

February 28th was the last time I wrote about gold, at least on the public site. The market was in the process of breaking rising wedge support at 1318. The breakdown that followed set us up with a target of 1280. Here’s what I wrote on the 28th of February: If sellers manage a daily […]

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NZDJPY One Step Closer to Breaking Down?

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NZDJPY ascending channel on the daily time frame

NZDJPY continues to consolidate below a long term resistance level. The trend line in the chart below extends from late December 2014 and has capped every advance since. You’ll notice, however, that NZDJPY hasn’t carved a new swing low since mid-2016. Whether that’s a bullish sign is yet to be seen. What I do know […]

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USDJPY to Remain Under Pressure Next Week

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USDJPY broadening wedge on the daily time frame

Yesterday I pointed out a USDJPY pattern with bearish implications. The broadening wedge that extends from the January 4th low signaled exhaustion from buyers. This was in addition to Wednesday’s Fed-induced break below 111.00. In fact, that close below 111.00 was our cue to look lower. Here’s what I wrote 24 hours before Wednesday’s FOMC: […]

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GBPJPY Vulnerable Below 147.00

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GBPJPY rising wedge on the daily time frame

GBPJPY broke below a critical support level on Wednesday. Shortly after the Fed rate decision and statement at 2 pm EST, the GBPJPY closed the day below wedge support at 5 pm EST. Sellers followed through on Thursday pushing the pair lower by nearly 200 pips. However, there were a few bids toward the end […]

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USDJPY: How to Approach Wednesday’s Breakdown

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USDJPY broadening wedge on the daily time frame

This past Tuesday, I wrote about a possible breakout situation for USDJPY. More specifically, I wrote that the Fed would likely produce the breakout. Fast forward to Wednesday’s close and you can see how the USDJPY is now trading below the 111.00 handle on a daily closing basis. My post on Tuesday called for either […]

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