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EURUSD lost its upward momentum at the end of last week following a close above wedge resistance near 1.0940.
I wrote about the potential for this bull trap on Thursday.
The way the pair retested former wedge resistance as new support immediately was a red flag.
Furthermore, there was a 4-hour upward sloping flag that hinted at weakness.Continue Reading
XAUUSD (gold) has been trending higher since late 2015.
Even the incredibly aggressive March selloff didn’t do much technical damage as it was a liquidity-driven event.
There was even a buying opportunity as XAUUSD recovered from the March liquidiation.
I mentioned several opportunities in the member’s area, starting with the break above 1615 on April 6th.Continue Reading
For the last two months, EURUSD has been consolidating within a wedge pattern.
I pointed out this structure in the last two weekly forecast videos.
I’ve shorted the pair twice since mid-April, once around 1.0980 on April 15th and again near 1.1000 on May 1st.
I was positioning myself for what I thought would be a breakdown of the monthly trend line that dates back to the 2000 lows.Continue Reading
On May 11th, I wrote about a falling wedge on the USDJPY.
Last Monday’s close above wedge resistance was indicative of strength as the latest round of consolidation ended.
However, here we are five sessions later, and not much has changed.
The USDJPY continues to struggle to determine what role it wants to play in the current market.Continue Reading
Another week, another round of consolidation for EURUSD.
The pair continued to pressure the 1.0770/80 support area last week, a level that aligns with the multi-year trend line from the 2000 lows.
As I’ve said for weeks, sellers need to clear that 1.0750 region on a monthly closing basis to confirm the breakdown in the multi-decade uptrend.
Of course, a daily close below wedge support shown below would also be bearish in the short-term.Continue Reading