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I haven’t mentioned GBPNZD since March 18th.
At the time, we were watching for a break below a smaller ascending channel for a run at the bottom of a much larger pattern.
Fast forward to today, and GBPNZD has trended lower as anticipated.
The breakdown in early May led to a retest of the 2.0440 area as new resistance.Continue Reading
The EURUSD has bounced from 1.1230 support several times of late.
This is the area I first mentioned on June 5th that sellers had to break to expose lower levels.
We’ve seen EURUSD dip below 1.1230 intraday on several ocassions, but sellers have yet to secure a daily close below it.
As you probably know, I trade based on the daily time frame.Continue Reading
XAUUSD (gold) continues to churn below key resistance.
I wrote about the $1,740/50 area on June 9th.
In my opinion, that’s the area buyers need to clear on a daily closing basis to send gold higher.
For those who are new here, the “daily closing basis” refers to the 5 pm EST close.Continue Reading
The AUDUSD has taken full advantage of the latest risk-on rally.
Since the March selloff that reached 0.5500, the Australian dollar has clawed back all 1,500 pips it lost.
It’s been an impressive rally, for sure.
But this latest move above 0.6670 doesn’t feel right to me.Continue Reading
The EURUSD lost some ground late last week after an impressive 550 pip rally that began May 25th.
If you saw last week’s forex forecast, you know that I was keeping a close eye on the 1.1340 to 1.1380 resistance area.
Despite repeated attempts from buyers, the EURUSD never closed above 1.1380.
As I mentioned before the weekend, the upward sloping flag on the 4-hour chart hinted at weakness on Friday.Continue Reading