Daily Price Action
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Category Archives for Free Forex Trade Setups

EURUSD Back to 1.20?

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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.

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GBPUSD Tests 1.4000 as New Resistance

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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.

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EURUSD: All Eyes on This Bearish Reversal Pattern

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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.

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USDCAD Is Due for a Bounce

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USDCAD feature image

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.

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XAUUSD Symmetrical Triangle Points to $1,960

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XAUUSD gold chart

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.

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