Category Archives for Daily Forex Setups

USDJPY Tests Confluence of Resistance at 113.00

USDJPY confluence of resistance on the daily time frame

As I write this, USDJPY bulls are challenging a key resistance level. The trend line that extends from the current 2017 high at 118.60 is no doubt playing a role today just as it did last week. The trend line begins at the January 3rd high. The second point is the July 11th high at […]

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USDCHF: Daily Close Above 0.9800 Needed to Extend Gains

USDCHF daily time frame with area of resistance

The U.S. dollar is beginning to gain momentum across the board. It certainly isn’t an all-out bull move, but it is the most bullish momentum in quite some time. Yesterday we discussed a potential breakout on the USDCAD daily chart. We’ll know soon enough whether buyers intend to uphold Wednesday’s close above 1.2420. The USDCHF […]

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USDCAD Breaks Key Resistance, Targets 1.2770

USDCAD daily time frame showing bullish breakout

The USDCAD closed above a significant level on Wednesday. The 1.2420 handle is the July low and is also an area that played a key role as support between January and April of 2015. With yesterday’s close of 1.2477, any retest of the 1.2400/20 area as new support will likely encounter an influx of buying […]

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GBPUSD Rally at Risk Below 1.3445

GBPUSD daily chart breaking below support

The GBPUSD has been moving in a narrow range since closing above 1.3445 on September 15th. The break came on the back of an impressive 800 pip rally from the August low at 1.2773. Two weekends ago I pointed out the trend line that extends from the 2014 high. This area, which at the time […]

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EURUSD Breaks Confluence of Support on Intraday Basis

EURUSD daily chart showing ascending channel support

As I write this, the EURUSD is breaking below the confluence of support at 1.1875. We’ve had this area on our radar for several weeks. It seems sellers are beginning to win their first battle of the year. The ascending channel that extends from the mid-April lows has played a critical role in recent months. […]

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AUDUSD Loses Grip on Key Support

AUDUSD daily chart showing break from trend line

AUDUSD sellers have finally managed a close below trend line support. We first discussed the possibility of a breakdown on September 14th. Since that time the pair has bounced from support once and also encountered sellers on Wednesday at 0.8065. It seems USD bulls are beginning to show their face following a lengthy hiatus. The […]

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USDJPY Breaks 111.90 Resistance, Targets 113.15

USDJPY technical break on the daily time frame

Two days ago we discussed the USDJPY. At the time the pair was trading at 111.52 and the Fed rate decision was less than 24 hours away. With an increase in volatility just around the corner, I opted for the sideline. I figured the U.S. dollar stood a good chance of gaining given the recent […]

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USDJPY: Key Levels to Watch for Today’s Fed Rate Decision

USDJPY daily time frame with two key levels

Fed rate decisions always trigger an increase in volatility. This is especially true for those that are accompanied by a press conference, as is the case with Wednesday’s event. And just like any volatile event, I like to stay on the sideline to avoid getting caught up in the back and forth price action. However, […]

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AUDUSD Bulls Cling to Key Support

AUDUSD daily chart showing key trend line

The AUDUSD came close to breaking key trend line support during yesterday’s session. But buyers made a stand in the final hours that appears to have averted the breakdown, at least temporarily. If you had this trend line just a few pips higher, yesterday’s session would have signaled a break in support. This is why […]

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AUDJPY: Double Top or Not?

AUDJPY possible double top pattern on daily chart

During yesterday’s session we looked at what could be a new range developing for the NZDJPY. Similarly, the AUDJPY entered a new range last week following the August 12th close above 87.80. Friday’s session retested this area as new support and buyer’s responded. In fact, the pair nearly reached both support and resistance with Friday’s […]

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