Daily Price Action
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Category Archives for Daily Forex Setups

CADJPY to Extend Losses Below 82.60

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CADJPY ascending channel on the daily time frame

A few days ago CADJPY hit a confluence of resistance at 83.80. It’s the intersection of ascending channel resistance and a horizontal level that served as support between August and December of last year. Since Monday’s commentary, CADJPY is down 100 pips. It’s also currently testing the channel support I mentioned at 82.70. It’s going […]

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Crude Oil: Ready for the Next Leg Lower?

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Crude oil rising wedge pattern

I first discussed a bearish crude oil scenario on October 7th of last year. At the time, oil was still trading above the 74.00 handle. By the end of 2018, the market was testing the 2017 low near 42.50. It was the most aggressive selloff for oil since the middle of 2015. But since carving […]

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EURCAD Retests 2018 Trend Line

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EURCAD key support area on the daily chart

Yesterday I mentioned how CADJPY could come under pressure soon. If it does, EURCAD could benefit from Canadian dollar weakness. It would be well timed too given how the pair is retesting a trend line I discussed last December. You may recall the bullish break in early December 2018. After a week of retesting former […]

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CADJPY Reaches Confluence of Resistance at 83.80

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CADJPY confluence of resistance

CADJPY has reached a confluence of resistance at 83.80. I mentioned this area on January 29th. It’s the intersection of ascending channel resistance and a former horizontal support level. The latter served as support between August and December of last year. With CADJPY now retesting 83.80 resistance, we could start to see an influx of […]

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GBPUSD Longs Favored Above 1.3050

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GBPUSD key support area

For the last week, GBPUSD has been testing a key support area. I first discussed the idea of a bullish pound on January 15th. The outlook was contingent on the reaction to the Brexit vote. Buyers held their ground and are now up more than 400 pips since the January 15th low. GBPUSD bulls also […]

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