Category Archives for Daily Forex Setups

NZDJPY: Friday’s Close Presents New Range

NZDJPY daily time frame showing new range

The yen lost significant ground last week causing several pairs including the NZDJPY to rally. Following a brief setback between Wednesday and Thursday of last week, buyers lifted prices above the key 80.60 handle ahead of Friday’s close. Apart from the price action in mid-August, the 80.60 area doesn’t appear to carry much weight. That […]

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EURGBP: Keep an Eye on 0.8925 Next Week

EURGBP ascending channel breakdown

The EURGBP was one of my top trade ideas for the past week. We first discussed the retest of channel resistance on August 28th. The bearish rejection candle on the 29th signaled that buyers were exhausted and a move lower was likely. We reviewed the Euro cross again over the weekend when the pair was […]

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AUDUSD Bulls Fight to Keep Rally Alive

AUDUSD trend line

Over the weekend we discussed the bearish pin bar that had formed on the AUDUSD daily chart. Friday’s candlestick pattern left buyers on edge and signaled that a correction this week was likely. So far, the bearish formation hasn’t disappointed. The pair is down 80 pips from its 0.8054 open on Monday, leaving those who […]

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EURUSD Bulls Retreat to 1.1875

EURUSD ascending channel

EURUSD bulls are starting to look tired following last week’s rejection from 1.2040. Sellers even signaled their intent on Friday with a small yet significant bearish pin bar. Yesterday’s session encountered buying pressure right where we’d expect. The 1.1875 area capped the early August advance in concert with ascending channel resistance. It also helped support […]

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EURGBP Breaks Channel Support as Losing Streak Continues

EURGBP ascending channel

EURGBP sellers are testing prices below ascending channel support. This is a pattern we first examined on August 28th when buyers were moving to test the channel ceiling at 0.9280. Since the August 29th bearish rejection candle, the pair has lost more than 300 pips as of today’s session. With prices sliding below support on […]

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GBPJPY: All Eyes on 142.80 Following Intraday Rally

GBPJPY key test

Following a gap up to start the week, the GBPJPY is testing the resilience of sellers above the 142.80 handle. This level has capped every advance since the pair closed below the confluence of support on August 10th. Buyers are now facing a bit of resistance near 143.50. This area served as a pivot between […]

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EURUSD Bulls Retest 1.2040 Resistance

EURUSD ascending channel

EURUSD bulls are once again challenging the 2012 low at 1.2040. This is the second retest since the level repelled buyers on August 29th. The pair is also still trending within the ascending channel that extends from the April low at 1.0570. Support and resistance are well defined at this point, which means a test […]

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AUDUSD Rally at Risk Below 0.8065

AUDUSD channel

I made it a point to avoid the AUDUSD in August. The pair has been trading in the same range since late July when buyers retested the 0.8065 handle. This level was a key factor between January and May of 2015. Its influence is especially evident when viewing the weekly chart. However, the price action since […]

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CADJPY Bulls Struggle to Follow Through on Friday’s Break

CADJPY 4-hour channel

CADJPY bulls made an impressive move on Friday. The pair has been consolidating within an ascending channel since the August 11th low at 85.50. However, Friday’s close at 88.88 appeared to break resistance levels at 88.20 and 88.60. We discussed this 4-hour channel on August 25th when the pair was trading at 87.55. The idea […]

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EURUSD Rally Starting to Show Cracks

EURUSD daily time frame

The EURUSD entered a new range at the end of last week. The August 25th close above the 2010 low at 1.1875 set our sights on the 2012 low at 1.2040. We discussed this resistance area in the most recent forecast. We didn’t get a retest of 1.1875 right away. Instead, buyers took the single […]

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