Daily Price Action

Category Archives for Free Forex Trade Setups

NZDUSD: Keep an Eye on These Two Levels

USDJPY feature image for March 24th, 2020

On March 10th, I discussed the breakout potential of NZDUSD.

The multi-year wedge pattern was going to provide us with a breakout, one way or the other.

The floor of that wedge extends from the 2000 lows with the ceiling coming off of the 2014 high.

Hours after I wrote the March 10th post, I shorted the NZDUSD just above the 0.6300 handle.

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EURUSD: 1.0750 to Determine Future Direction

EURUSD feature image for March 23rd, 2020

The EURUSD was hugely profitable for us last week.

Last Friday confirmed the false break above 1.1170, which is the top of a descending channel from the 2019 high.

Following that retest of the 1.1170 area as new resistance, the EURUSD lost over 500 pips at last week’s low.

The pair also reached our 1.0725 target that I discussed in last weekend’s Forex forecast video.

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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, NZDUSD, XAUUSD (March 23 – 27, 2020)

Forex forecast feature for March 22nd, 2020

The EURUSD played out perfectly for us last week.

If you watched last weekend’s Forex forecast video, you know that the recent false break above 1.1170 meant that a return to 1.0725 was likely.

That 1.0725 area was the open gap from April 2017.

Sure enough, Thursday’s session hit 1.0725 before bouncing by nearly 100 pips.

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USDJPY Future Direction Hinges on 109.60

USDJPY feature image for March 19th, 2020

USDJPY turned out to be an excellent trade following the February 27th close below the top of a multi-year wedge pattern.

I discussed that price structure on February 25th.

From that closing price to the March trough, the USDJPY lost 840 pips.

It was a massive move that made many of us a considerable amount of money.

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GBPNZD Tests Channel Support; Breakdown Imminent

GBPNZD feature image for March 18th, 2020

On March 11th, I pointed out two ascending channels on GBPNZD that would offer an opportunity in the days ahead.

The larger channel extends from the late 2016 lows, while the smaller one started with the 2019 low from July.

Notice Monday’s low of 2.0048 followed by a significant bounce.

That bounce from the GBPNZD occurred right at the 2019 channel support.

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