Category Archives for Free Forex Trade Setups

EURUSD Back to 1.20?

By Justin Bennett
/ July 30, 2021

The EURUSD is coming off a long-standing trend line from the September 2020 low.

I previously thought the price action since late last year could be a head and shoulders. However, it’s starting to look like something else altogether.

A look at the swing highs and lows since last year shows what could be a symmetrical triangle.

Given that the pattern formed following a 1,700 pip rally, there’s a decent chance this is a continuation pattern.

17 Comments

GBPUSD Tests 1.4000 as New Resistance

By Justin Bennett
/ June 23, 2021

The GBPUSD has broken down from a long-standing trend line.

I wrote about this level a few times in recent weeks. I also talked about the 1.4200 resistance area, which turned out to be a significant turning point.

We can also see how GBPUSD is moving within a massive channel on the weekly time frame.

After closing below that trend line and the 1.4000 handle, GBPUSD is retesting it as new resistance.

14 Comments

EURUSD: All Eyes on This Bearish Reversal Pattern

By Justin Bennett
/ June 17, 2021

The EURUSD is coming off hard following Wednesday’s relatively hawkish FOMC.

The euro is plunging below the 1.2000 level today, so we’ll have to wait and see where it closes at 5 pm EST.

A weekly close below 1.2000 would likely flip the level to resistance.

Another scenario I’m keeping a close eye on is the potential bearish reversal pattern since last August.

4 Comments

USDCAD Is Due for a Bounce

By Justin Bennett
/ June 15, 2021

The USDCAD is down 2,500 pips since March 2020.

Every time the pair gained a few hundred pips, sellers were there to send it even lower.

However, USDCAD is coming off multi-year support near 1.2000.

You can see how the 1.2000 area has served as support since 2015.

4 Comments

XAUUSD Symmetrical Triangle Points to $1,960

By Justin Bennett
/ June 10, 2021

Last week, I discussed a few support and resistance levels for gold.

So far, the market is behaving and responding to each level as expected.

However, I want to take a different perspective today.

The XAUUSD consolidation since late May appears to be carving a symmetrical triangle.

6 Comments

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About Justin Bennett

Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students. Read more...

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