Daily Price Action
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Category Archives for Free Forex Trade Setups

GBPUSD Looks Ready for Sub 1.3750 Prices

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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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(Video) Weekly Market Forecast for EURUSD, GBPUSD, USDJPY, AUDUSD, and BTCUSD (March 22 – 26, 2021)

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Market forecast feature 3.21.21

The EURUSD has struggled to regain the 1.1950 level as support.

You can see where the pair closed below the area earlier this month.

As long as the euro is below 1.1950 on a weekly closing basis, the idea of a move back to 1.1600 is front and center.

I’m also sticking to the weekly chart for now.

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USDJPY: Keep 109.30 on Your Radar Next Week

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USDJPY feature image

The USDJPY is testing a multi-year trend line from the 2015 high.

The level connects with the February 2020 high, which preceded the March decline that sent the USDJPY 1,000 pips lower.

As you can see, the market is challenging the resistance level today just above the 109.00 handle.

Whether you see today’s retest as a selling opportunity or an upcoming bullish breakout depends on your outlook.

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AUDUSD Potential Reversal Pattern Points to 0.7300

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AUDUSD feature image

The AUDUSD has had an impressive run since last November.

That’s when I mentioned the break from consolidation near 0.7160.

What followed was an 850 pip rally.

However, the selloff between the 25th and 26th of February was incredibly aggressive.

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GBPJPY to Remain Bullish Above 150.00

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The markets continue to look messy and altogether indecisive.

GBPJPY is one of a few currency pairs that has a definable trend.

That alone makes this market easier to trade than others like the EURUSD or GBPUSD that are all over the place.

Another reason I’m favoring GBPJPY lately is the fact that the market is respecting key levels incredibly well.

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