Daily Price Action

Category Archives for Free Forex Trade Setups

GBPNZD Plunges Lower From Key Resistance; Where to Now?

GBPNZD feature image 2.25.21

Last weekend, I mentioned a potential GBPNZD short opportunity.

The pair was testing the bottom of a long-standing ascending channel.

I’ve discussed this pattern at length on this site.

In fact, we caught the initial selloff from the brekdown last November which took GBPNZD more than 600 pips lower.

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EURUSD Future Direction Hinges on 1.2160

EURUSD feature image 2.23.21

The EURUSD is breaking out today after carving an inverse head and shoulders pattern since late January.

I wrote about this pattern on Friday and again over the weekend.

You can see where the EURUSD is trying to close above that 1.2160 resistance area but hasn’t yet.

Sellers are still putting up a decent fight at 1.2160.

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(Video) Weekly Market Forecast for EURUSD, GBPUSD, AUDUSD, GBPNZD, ETHUSD (February 22 – 26, 2021)

Market forecast 2.20.21

The EURUSD appears to have found a bottom.

We know about the false break below 1.20, which has, so far, triggered higher prices.

But as I mentioned on Friday, the intraday inverse head and shoulders looks promising if EURUSD bulls can secure a close above 1.2160 this week.

If so, all eyes will be on 1.2330.

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EURUSD Chart Pattern Targets 1.24

EURUSD feature image 2.19.21

The EURUSD is testing a key resistance area at 1.1800.

I mentioned this area in last weekend’s forecast video.

As you can see, the 1.1800 area involves a trend line from the recent consolidation lows.

It’s the area buyers need to break to reestablish the bullish momentum.

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ETHUSD: Next Move From Ethereum Could Be Explosive

Ethereum ETHUSD feature image 2.17.21

On February 3rd, I wrote about ETHUSD (Ethereum) entering price discovery.

The cryptocurrency had just broken above its previous all-time high near $1,440 the day before.

That meant there were no obvious resistance levels above $1,440.

However, the one thing that was obvious is that ETHUSD was likely to head much higher following that February 2nd breakout.

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