Daily Price Action
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Category Archives for Daily Forex Setups

CADJPY Reaches Key Inflection Point at 85.00

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CADJPY 4-hour wedge pattern

Last week I discussed a breakdown on CADJPY that could result in a 400-pip drop. The ascending channel in question extends from the year-to-date low of 80.55. I first pointed out this pattern back on October 29th. Sellers cleared (former) channel support at 84.90 on December 5th. They quickly pushed prices to key support at […]

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EURUSD Tests Range Boundaries

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EURUSD wedge pattern on the daily chart

EURUSD has traversed the full range of this recent consolidation period. On Sunday, I pointed out how a daily close above the 1.1430 area would likely turn the pair bullish. Want access to the same “New York close” charts I use? Go here to get instant (free) access. But as you can see, buyers hit […]

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USDJPY: Keep This 470-Pip Wedge on Your Radar

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USDJPY wedge pattern on daily time frame

Just when it looked like USDJPY would break down on Monday, buyers came to the rescue. I first pointed out this wedge pattern on December 2nd. We discussed it again on the 6th ahead of non-farm payroll. The USDJPY was testing support at 112.40 when I released that commentary on the 6th. As you can […]

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GBPUSD Plunges Below 1.2700, but Daily Close Is Key

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GBPUSD key levels on the daily chart

A few short hours ago, GBPUSD carved a new twenty-month low. And as I write this, the pound is trading below the 1.2700 range support we’ve been discussing for several weeks. If sellers can secure a daily close below it, we could see GBPUSD trend lower. Remember, I use New York close (5 pm EST) […]

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EURCAD Rallies From New Support at 1.5100

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EURCAD bullish breakout on daily chart

EURCAD bulls were on the move again late Friday following Wednesday’s breakout. I first mentioned this falling wedge on November 19th. At the time, EURCAD was trading well below key resistance. However, the descending price action since June hinted at a topside break. I went on to discuss this same formation on November 30th and […]

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