Daily Price Action

Category Archives for Free Forex Trade Setups

XAUUSD Double Bottom Points to $1,830

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I’ve discussed the significance of $1,680 for XAUUSD since March 2nd.

Gold bounced from the $1,680 area in March, but the bullish momentum faded last week.

However, today’s rebound from support looks much more convincing, at least so far.

Notice how Thursday’s rally has engulfed Wednesday’s selloff.

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USDJPY Breaks 109.30, Targets 112.00

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Last week I discussed a potential USDJPY long opportunity.

The pair was testing the 2015 trend line near 109.30, and given the bullish momentum, looked ready to break higher.

Last week’s 109.68 close appears to have done just that.

Today’s session tested the 109.30 area as support and is holding above that area for now.

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USDJPY Eyeing Breakout Above 109.30

USDJPY feature

The USDJPY looks ready to break above 109.30.

I talked about the potential for a bullish breakout last week.

The pair has been hovering just below the 2015 trend line, which usually suggests an imminent break higher.

Furthermore, the USDJPY has been on a tear since late-January.

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AUDUSD Confirms Bearish Reversal

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On March 18th, I discussed a potential bearish reversal pattern for AUDUSD.

The pair was coming off a relatively aggressive correction in late February that sent the market 300 pips lower in two days.

Last Thursday’s rejection from the 0.7800 area was enough for me to take a starter (short) position at 0.7790, as I mentioned to DPA members at the time.

I planned to add to my short following a daily close below the neckline near 0.7650.

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GBPUSD Looks Ready for Sub 1.3750 Prices


Last weekend, we looked at a potential breakdown from the GBPUSD.

I’ve mentioned the idea that the late-February surge above channel resistance looked to be a false break.

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

For GBPUSD, that implies a move lower.

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