Daily Price Action
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Category Archives for Daily Forex Setups

USDJPY: Keep an Eye on 111.40

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USDJPY key horizontal levels

A few days ago I commented on a potential USDJPY rising wedge. It was an early stage pattern without much structure, so there was a good chance it would need to be modified. That’s what we’re seeing so far this week. The pair has broken above the 110.00 area and is fast approaching a key […]

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GBPUSD Bounces From Key Support

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GBPUSD key support and resistance areas

On Sunday I wrote about how the 1.2850 level on GBPUSD could attract buyers. Notice how this area served as support during the second half of January. The 1.2850 area also caused last Thursday’s bounce. Yesterday’s session tested the level once more, but so far GBPUSD bulls are holding firm. However, remember that key resistance […]

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EURUSD Breaks 1.1300, Targets 1.1215

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EURUSD new resistance level at 1.1300

EURUSD closed below a key level yesterday. On Sunday, I mentioned how the 1.1300 handle could attract buyers this week. But a close below it would expose downside targets. You can see how the euro has already tested 1.1300 as new resistance today. As long as this area remains intact on a daily closing basis, […]

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NZDUSD Bulls Need to Hold 0.6700

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NZDUSD daily time frame

NZDUSD is approaching a significant support area at 0.6700. It’s the same level that triggered the weekly bullish pin bar I discussed on the 4th of January. Given the 200 pip rally that ensued, the bullish signal worked out well. However, last week’s 150 pip decline erased most of those gains. It also places NZDUSD […]

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USDJPY: Keep This Rising Wedge on Your Radar

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USDJPY rising wedge on daily chart

USDJPY continues to consolidate following the January 3rd flash crash. We had a great run in December and USDJPY was one of our best trades. The wedge that broke down in mid-December played out perfectly. Moves like the one in early January tend to act as a natural pause button for the market. Things can […]

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