Daily Price Action

Category Archives for Free Forex Trade Setups

GBPJPY Carves New Support Level on Its Way to 148.00

GBPJPY feature image

On February 5th, I wrote about a GBPJPY bullish breakout.

The pair was breaking out from a multi-year trend line that hinted at a move toward 148.00, followed by the 150.00 region.

As you can see, GBPJPY was breaking out from a trend line that extends from mid 2016.

If we use the larger wedge pattern that’s formed since 2007, we get a possible (longer term) target between 150.00 and 155.00.

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(Video) Weekly Market Forecast for EURUSD, GBPUSD, AUDUSD, XAUUSD, ETHUSD (February 15 – 19, 2021)

Market forecast 2.12.21

The EURUSD confirmed what appears to be a false break this week.

I mentioned last weekend how the close below 1.2000 could be a false break given the strong uptrend since last year.

Sure enough, EURUSD closed back above 1.2000 this week.

Then, on Friday, the euro tested a key trend line from the May 2020 low.

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VETUSD About to Go on a Parabolic Run?


VETUSD is on an absolute tear this week.

There’s no way to say that without sounding overly bullish.

So far this week, the cryptocurrency is up an impressive 43%.

While that’s no doubt impressive, it shouldn’t be surprising to frequent readers of this site.

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EURUSD Looks Ready to Continue Higher

EURUSD feature image for 2.9.21

The EURUSD is trying to confirm something I mentioned last weekend.

I commented that the recent close below 1.2000 could be a false break in the most recent market forecast.

Last week, I told members that there was an excellent chance any break below 1.2000 would prove to be false.

Why did I think a false break was likely?

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AUDUSD Bull Flag Is One to Watch

AUDUSD feature image 2.8.21

The AUDUSD looks ready to break higher this week.

Will it?

Nobody knows, but as I mentioned over the weekend, the bull flag that has developed since early January has bullish implications.

We saw the Australian dollar bounce from channel support last week.

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