Daily Price Action

Category Archives for Free Forex Trade Setups

(Video) Weekly Forex Forecast for EURUSD, GBPUSD, NZDUSD, XAUUSD, ETHUSD (August 17 – 21, 2020)

Forex forecast feature 8.15.20

EURUSD spent a second week consolidating between 1.1700 support and 1.1900 resistance.

It isn’t surprising considering the aggressiveness of the July rally.

Many who entered during that rally have taken profit, while others who were on the sideline have had time to accumulate.

That’s what makes consolidation like this healthy for any trend.

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XAUUSD Sellers Are Ignoring the Big Picture

XAUUSD gold feature image

XAUUSD (gold) suffered a significant loss on Tuesday.

At more than five percent, it was the largest one-day drop in the last few years.

Even the March selloff didn’t register a loss that significant, at least not at the daily close.

However, I don’t see any scenario where XAUUSD becomes a sell, at least not in the long run.

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EURUSD Bulls Aren’t in Trouble Yet

EURUSD daily chart feature image

EURUSD is range bound following a 650 pip rally over the last few weeks.

That’s the headline here, not that the euro is a sell.

At least that’s my opinion.

I hear many traders talking about shorting the EURUSD because it’s overextended or that it’s a double top.

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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, XAUUSD, ETHUSD, VETUSD (August 10 – 14, 2020)

Forex forecast 8.10.20

The EURUSD spent last week consolidating below 1.1900 resistance.

That’s the area that buyers need to clear in order to extend the recent rally.

More specifically, euro bulls need to secure a daily close above 1.1900 to expose the 1.2090 region.

As mentioned in the video above, 1.1780 is support in the near-term, but 1.1700 and 1.1600 are more significant, in my opinion.

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USDJPY: Next Stop 101?

USDJPY feature image 8.6.20

In Saturday’s forex forecast video, I mentioned a multi-year breakdown for USDJPY.

The chart pattern in question is one that I’ve been writing about since April.

As you can see from the chart below, USDJPY has been trading within this terminal pattern for the last five years.

However, the tricky part about trading this structure is that the daily and weekly time frames were not respecting it.

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