Daily Price Action
Shares

Category Archives for Daily Forex Setups

GBPUSD Clears Wedge Resistance, Targets 1.2880

Shares
GBPUSD wedge pattern on 4-hour chart

GBPUSD may have just cleared wedge resistance from the November high. We’ve been tracking this level since December 3rd. However, despite the volatility, market participants have been unable to break free on a daily closing basis. Until yesterday that is. GBPUSD first cleared trend line resistance at the 1 pm EST close. But as I’ve […]

Continue Reading

USDJPY Teeters on Key Support Ahead of NFP

Shares
USDJPY wedge pattern in uptrend

On Sunday I pointed out a possible wedge pattern on USDJPY. The upper level extends from the year-to-date high near 114.50. It came under pressure on November 28th, but sellers held their ground. The lower level begins with the August low at 109.77. It connects with the October low at 111.37. However, wedge support is […]

Continue Reading

CADJPY Eyes 400-Pip Target Following Yesterday’s Breakdown

Shares
CADJPY break of ascending channel support

CADJPY sellers finally did it. We have to go all the way back to October 29th to find the first time I mentioned this nine-month ascending channel. And I didn’t mince words with the title of that post either. I called out the potential for a 400-pip drop if sellers could break support. At the […]

Continue Reading

GBPUSD Days Away From Potentially Explosive Breakout

Shares
GBPUSD support and resistance on the daily chart

GBPUSD continues to coil for what could be an aggressive breakout. The consolidation pattern you see in the chart below has formed a wedge. I mentioned this narrowing price action on Monday. Usually, the longer a market takes to break from a terminal pattern such as this, the more explosive the breakout is likely to […]

Continue Reading

EURCAD: New Terminal Pattern to Offer Clues

Shares
EURCAD terminal pattern on the daily chart

I first mentioned the EURCAD wedge pattern on November 19th. At the time, we didn’t have the short-term trend line support you see in the chart below. That’s a new development as of yesterday. But even without that lower level at 1.4950, the descending nature of the price action since June had a bullish tilt […]

Continue Reading
>
Save 40% on a Lifetime Membership - Ends December 31st!