Daily Price Action
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Category Archives for Free Forex Trade Setups

USDJPY Finally on Its Way to 101?

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USDJPY monthly wedge pattern

The USDJPY broke a significant pattern at the end of July.

Significant is probably an understatement.

I’ve discussed this monthly wedge pattern since May, maybe earlier.

Notice how USDJPY has held below the 106.00 area on a monthly closing basis ever since the July close.

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NZDUSD: Be Careful Not to Get Too Bearish

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NZDUSD feature image 9.15.20

The idea that NZDUSD could weaken over the coming weeks is real.

If you saw my forecast from two weeks ago, you know why, at least from a technical perspective.

The rising wedge on the daily time frame hints at the potential for a pullback.

However, the higher time frames suggest any weakness may be temporary.

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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, NZDUSD, GBPNZD, XAUUSD (September 14 – 18, 2020)

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Forex forecast 9.14.20

The EURUSD hasn’t changed much lately.

The pair is still consolidating between 1.1700 support and the 1.1960 resistance area.

However, this is all the more reason to stay cautiously bullish, in my opinion.

A sideways market within an uptrend like this usually breaks higher.

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GBPUSD Reaches First Target at 1.2980

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If you saw the latest forex forecast video, you know that GBPUSD was battling a key trend line support.

Not only was it battling this level, but buyers were struggling to keep their heads above 1.3260 support.

As such, I was anticipating a pullback from GBPUSD.

Monday’s session closed below that trend line, which confirmed the breakdown and exposed a support level I mentioned on Monday.

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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, NZDUSD, XAUUSD (September 7 – 11, 2020)

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Forex forecast feature

The EURUSD continues to grind higher despite last week’s pullback.

However, the way the euro is pushing higher hints at the potential for some weakness over the coming days.

There is an upward sloping flag here that suggests exhaustion from buyers.

If it plays out, the EURUSD could revisit 1.1700 and perhaps even 1.1600.

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