Daily Price Action
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Category Archives for Free Forex Trade Setups

AUDUSD Needs to Break These Two Levels to Rally in 2021

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The AUDUSD reached a key resistance area on Thursday.

I first wrote about this descending channel that extends from the December 2018 high on July 24.

At the time, we were trading the breakdown below 0.6960 with a target of 0.6750.

I also wrote about the potential for a higher AUDUSD in the October 5 Saturday Forex forecast.

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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, NZDUSD, ETHUSD, VETUSD (November 23 – 27, 2020)

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Not much has changed for the EURUSD since last week’s forecast.

The pair continues to consolidate in a sideways range between 1.1615 support and 1.1970 resistance.

Until the pair breaks this range, there isn’t much to do here.

That said, I continue to favor an eventual break higher given the uptrend on the daily and what’s occurring on the monthly chart.

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GBPUSD Twenty-Year Bullish Reversal Pattern Will Be Key in 2021

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GBPUSD could be on the verge of a massive bull run.

I wrote about the twenty-year falling wedge on October 29th.

The structure above hints at a bullish reversal for the pound.

That isn’t surprising given what we’ve seen from other major currency pairs in recent months.

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NZDUSD: Keep an Eye on 0.6800

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On October 27th, I wrote about how NZDUSD was likely to continue its rally above 0.6800.

The reason I thought this likely had to do with what’s been occurring on the monthly chart.

Notice the false break that occurred in March.

As always, a false break to one side of a pattern usually triggers an extended move in the opposite direction.

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USDJPY Lower Highs Continue to Tell the Story

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USDJPY has been a difficult pair to trade in 2020.

Although we’ve had a consistent downtrend since February, the pair has been incredibly choppy.

You can see some of that choppiness in the recent false break below 104.20.

Notice how 104.20 served as support between late July and October.

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