Daily Price Action

Category Archives for Free Forex Trade Setups

EURUSD Wedge Pattern to Dictate Future Direction

EURUSD feature image for May 7, 2020

The EURUSD is resting on a huge support level.

I first mentioned it on April 14th, but the trend line from the euro’s all-time lows in 2000 is the only thing keeping the currency afloat.

If the EURUSD breaks that support on a monthly closing basis, a run at the 2015 to 2017 lows at 1.0500 is all but certain.

And that could just be the start.

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NZDUSD: Watch for This Consolidation to End

NZDUSD daily channel

The last time I wrote about NZDUSD was April 21st.

That was the first time I discussed the potential for a 2,000 pip drop.

Let’s just say my view wasn’t all that popular with some traders.

But here we are eleven trading days later, and the NZDUSD is up less than 100 pips.

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BTCUSD: Will History Repeat for Bitcoin?

Bitcoin multi-year chart

It’s difficult to find a more polarizing topic than that of Bitcoin.

You either believe in it or you don’t; love it or hate it.

But in all of my research, I would say the vast majority of people simply don’t understand it.

That makes sense as we tend to fear what we don’t understand.

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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, AUDUSD, XAUUSD (May 4 – 8, 2020)

Forex Forecast feature for May 2, 2020

The EURUSD gained ground last week after breaking above the 1.0890 level.

It all started with the April 24th bounce from a multi-decade trend line that extends from the euro’s all-time lows.

But despite last week’s rally, the EURUSD didn’t tell us much that we didn’t already know.

We know the DXY (US dollar index) is range-bound, which has caused quite a lot of indecision across the FX market.

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USDJPY Future Direction Hinges on 107.20

USDJPY feature image 4.30.20

On April 22nd, I wrote about a potential breakout from the USDJPY.

Since that time, however, the pair hasn’t done much.

It even broke below the 106.90 support level on April 28th.

But as I told Daily Price Action members earlier this week, that 106.90 support level is likely a zone that extends down to 106.70.

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