Daily Price Action
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Category Archives for Daily Forex Setups

GBPUSD Breakout Imminent as Price Action Narrows

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GBPUSD wedge on 4-hour time frame

GBPUSD is at a crossroads. On the one hand, the pound is hovering just above key support at 1.2700. I mentioned this level last week and again on Sunday. And on the other, yesterday’s session tested a short-term resistance level that could be pivotal in the coming sessions. In my opinion, that resistance level is […]

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EURUSD Reminds Traders to Stay Flexible

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EURUSD daily time frame

The EURUSD has been indecisive of late, to say the least. It’s become the epitome of the “holiday lull” I often discuss this time of year. The lack of liquidity around the year-end holiday season prompts sideways movement such as this. Yesterday I pointed out the two false breaks in November. The first occurred on […]

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EURCAD Bulls Attempt Breakout, but Resistance Holds Firm

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EURCAD trend line resistance

EURCAD bulls just came within a few pips of breaking out from a long-standing trend line resistance. I mentioned the trend line that extends from the June high back on November 19th. It forms the upper portion of what could be a descending wedge of sorts. If we use the June and September highs to […]

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NZDJPY Clears 16-Month Resistance, Targets 79.30

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NZDJPY descending channel on daily time frame

On Monday I wrote how the NZDJPY bullish outlook hinged on 77.30. It’s the location of descending channel resistance from the July 2017 high. I was mostly neutral at the time. However, I was leaning toward a bullish view given the way the pair was coming off a multi-year range low. Here’s what I wrote: […]

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EURUSD to Remain Under Pressure Below 1.1300

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EURUSD key support and resistance levels

EURUSD bears are on the move again. Yesterday’s close below the 1.1300 handle is another sign that the single currency intends to weaken further. It’s the second indication that the November relief rally has run its course. The first sign was the November 20th close back below the 1.1430 key level. That session, by the […]

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