Daily Price Action
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Category Archives for Free Forex Trade Setups

EURUSD to Remain Bullish Above 1.2190

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The EURUSD is breaking out today after churning higher from the 1.2000 support level earlier this month.

The pair had some trouble at 1.2190 last week, but today’s session appears to be on track to close above it.

Keep in mind that we still need a 5 pm EST close above 1.2190 to secure the breakout.

If buyers do it, the 1.2190 region should flip to support.

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XAUUSD: Gold Tests Key Resistance at $1,850

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XAUUSD is testing a significant resistance area today at $1,830.

I’ve mentioned this level several times over the last few months.

You’ll also remember the double bottom that developed on gold in March.

The measured objective of that pattern was also $1,830.

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(Video) Weekly Market Forecast for EURUSD, GBPUSD, USDJPY, AUDUSD, and BTCUSD (April 26 – 30, 2021)

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The EURUSD traded mostly sideways last week near the 1.2000 area.

Despite being mostly directionless last week, the euro did close above the 1.1950 level.

I’ve discussed 1.1950 in recent weeks as a critical weekly pivot.

As long as the EURUSD holds above 1.1950 on a daily closing basis, there’s a decent chance we see it climb higher, perhaps toward 1.2190.

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USDJPY Future Direction Hinges on 108.00

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The USDJPY is testing a confluence of support at 108.00 today.

I mentioned this area in the last weekly forecast video.

It’s the intersection of a trend line support from the 2021 low and the 2015 weekly trend line.

The USDJPY has shown a slight bounce so far from today’s low of 107.80.

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AUDUSD Bearish Outlook Remains

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On March 18th, I mentioned a potential head and shoulders pattern on AUDUSD.

A few days later, the pair closed below the neckline at 0.7650.

However, on April 14th, the Australian dollar closed back above the neckline.

Or did it?

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