Daily Price Action
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Category Archives for Daily Forex Setups

CADJPY Rising Wedge to Produce Selling Opportunity

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CADJPY 4-hour rising wedge pattern

Like the rest of the yen crosses, CADJPY has been directionless for the better part of this year. The pair has been ranging between 81.70 and 84.00 since early March. But sometimes these ranges can offer opportunities. For instance, the CADJPY price action since late March suggests we could see the pair return to those […]

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AUDUSD Bulls Aren’t Out of the Woods Yet

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AUDUSD key levels

Yesterday I pointed out how AUDUSD buyers needed a daily close above 0.7165. That’s the location of former descending channel resistance. As we know, old resistance becomes new support. And that’s exactly what has happened with AUDUSD so far this week. Buyers cleared channel resistance on Friday. It was close, but Friday’s final print of […]

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Gold Carves Fresh Year-to-Date Lows Below 1280

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Gold key support and resistance levels

Gold just dropped below a level that has held as support all year. The 1280 level is one that I’ve mentioned several times in 2019 including the February 28th commentary and again on March the 27th. Both times the 1280 area was our target. However, this time around 1280 is likely going to serve as […]

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AUDUSD: 160-Pip Target Relies on Today’s Closing Price

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AUDUSD potential buy signal on daily time frame

AUDUSD bulls are fighting for survival today. After what appeared to be a close above former channel resistance (new support) at 0.7170 on Friday, the pair held above the level on Monday. That confirmed my suspicion that AUDUSD had indeed broken free. However, today’s RBA monetary policy meeting minutes sparked new interest in Australian dollar […]

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WTI Crude Oil False Break in Progress?

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WTI daily time frame

Earlier this month crude oil tested a confluence of resistance at 63.80/90. It’s the intersection of ascending channel resistance and a horizontal level that served as support during the second half of last year. The 63.80 level is also the 61.8% Fibonacci retracement of the late 2018 selloff that took oil from 76.70 to 42.40 […]

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