Daily Price Action
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Category Archives for Daily Forex Setups

GBPUSD to Start Next Week on Shaky Ground

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GBPUSD upward sloping flag

At the start of the week, I pointed out a wedge pattern on GBPUSD. Since climbing above the 1.3000 handle on February 19th, the pair has held above the level on a daily closing basis. Until yesterday’s session… Thursday’s 1.2983 close puts the pound below 1.3000 which means the area should begin serving as new […]

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GBPNZD Breakout Potential Continues to Build

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GBPNZD rising wedge on the daily time frame

It’s been several weeks since I last discussed GBPNZD. The pound cross has been consolidating since last December following the bounce from ascending channel support. Although the situation looks the same as when I discussed the pair back in March, there are two notable changes here. The first is that the pair is still consolidating. […]

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CADJPY Rising Wedge to Produce Selling Opportunity

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CADJPY 4-hour rising wedge pattern

Like the rest of the yen crosses, CADJPY has been directionless for the better part of this year. The pair has been ranging between 81.70 and 84.00 since early March. But sometimes these ranges can offer opportunities. For instance, the CADJPY price action since late March suggests we could see the pair return to those […]

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AUDUSD Bulls Aren’t Out of the Woods Yet

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AUDUSD key levels

Yesterday I pointed out how AUDUSD buyers needed a daily close above 0.7165. That’s the location of former descending channel resistance. As we know, old resistance becomes new support. And that’s exactly what has happened with AUDUSD so far this week. Buyers cleared channel resistance on Friday. It was close, but Friday’s final print of […]

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Gold Carves Fresh Year-to-Date Lows Below 1280

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Gold key support and resistance levels

Gold just dropped below a level that has held as support all year. The 1280 level is one that I’ve mentioned several times in 2019 including the February 28th commentary and again on March the 27th. Both times the 1280 area was our target. However, this time around 1280 is likely going to serve as […]

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