dailypriceaction

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About me Justin Bennett is a Forex Trader, Coach, and Founder of Daily Price Action. He has taught more than 1,000 students from 50+ countries in the Daily Price Action community. He has also appeared in Stocks & Commodities Magazine.
Joined USA justinbennettfx dailypriceaction.com
Pro Forex Trader | Coach & Author | Founder of dailypriceaction.com
Markets Allocation
100 % forex
Top Mentioned Symbols
EURUSD 24% | 19 AUDUSD 11% | 9 NZDUSD 7% | 6 USDJPY 6% | 5
dailypriceaction dailypriceaction PRO EURCHF, D, Short ,
EURCHF: EURCHF Short Setup With Room to Run
71 0 1
EURCHF, D Short
EURCHF Short Setup With Room to Run

The trigger for a short entry would be a daily close (5 pm EST) below channel support. However, there is a trend line that extends from the October low that was just breached on a 4-hour closing basis. From here any retest of the 1.1620/30 area as new resistance will likely encounter an influx of selling pressure. Key support comes in at the channel bottom near ...

dailypriceaction dailypriceaction PRO EURUSD, 240, Short ,
EURUSD: Weekly Forex Forecast (November 6 – 10, 2017)
102 0 4
EURUSD, 240 Short
Weekly Forex Forecast (November 6 – 10, 2017)

For those still on the sideline, I’m not so sure the EURUSD will reach 1.1670 for a third time. I pointed out this 4-hour channel (below) inside the member’s area last week. At the time the pair was trading at 1.1645 and had not yet broken below channel support. Friday’s 4-hour candle that closed at 1 pm EST sealed the deal. The 1.1604 close put the pair well ...

dailypriceaction dailypriceaction PRO NZDUSD, D, Short ,
NZDUSD: NZDUSD: Keep an Eye on 0.6985 Next Week
105 0 5
NZDUSD, D Short
NZDUSD: Keep an Eye on 0.6985 Next Week

It isn’t clear whether or not the NZDUSD will make it as high as 0.6985 next week. If it does, I’ll be on the lookout for a favorable selling opportunity. If it doesn’t, I will wait for a daily close below 0.6820, unless an entry materializes on the 4-hour chart. A daily close at 5 pm EST below the 0.6820 handle would target the May 2016 low at 0.6675. ...

USDJPY: USDJPY: Range Break to Determine Future Direction
58 0 5
USDJPY, D
USDJPY: Range Break to Determine Future Direction

As long as buyers keep prices above 113.15 on a daily closing basis (5 pm EST), the bullish scenario must be respected. If buyers fail to do so, there’s a high chance of a move back toward 111.60 and perhaps even the range lows near 108.20. We may also have a trend line in play that extends from the September 8 low and connects with the October low at 111.65. But ...

EURJPY: Weekly Forex Forecast (October 30 – November 3, 2017)
112 0 6
EURJPY, D
Weekly Forex Forecast (October 30 – November 3, 2017)

After pushing prices higher by nearly 2,000 pips since April, EURJPY buyers are starting to look exhausted. As a sign that demand is harder to come by at these elevated levels, the pair has carved what appears to be a double top. That said, without a close below support there is no double top. In the case of the EURJPY, that support level comes in at 131.82. ...

dailypriceaction dailypriceaction PRO EURUSD, D, Short ,
EURUSD: EURUSD: Bearish Reversal Underway With a 1.1300 Target
101 0 4
EURUSD, D Short
EURUSD: Bearish Reversal Underway With a 1.1300 Target

If you aren’t already short from the 1.1875 retest, you may want to hold off for now. The pair is quite overextended at the moment so there’s a decent chance we’ll see a rotation higher into 1.1670 resistance next week. The next key support comes in at 1.1490. And if the price action throughout 2017 is any hint, we could very well see a bounce from this area back ...

EURNZD: EURNZD Reaches Confluence of Resistance at 1.7030/80
136 1 6
EURNZD, D
EURNZD Reaches Confluence of Resistance at 1.7030/80

I’m going to remain on the sideline to see how this plays out. A bearish candlestick pattern from the 1.7030/80 area would pique my interest. A daily close below trend line support from the June 27 low would also be appealing. If the EURNZD closes above the confluence of resistance near 1.7030/80, I will not entertain a long position. I have a rule that I don’t ...

dailypriceaction dailypriceaction PRO NZDUSD, D, Short ,
NZDUSD: NZDUSD Breaks Key Support, Targets 0.6820
44 0 5
NZDUSD, D Short
NZDUSD Breaks Key Support, Targets 0.6820

The NZDUSD appears to have closed last week below this trend line that extends from the September 23, 2015 low. As evidence that the 0.6990 area will begin to attract sellers, look no further than the 4-hour candle that closed today (Monday) at 5 am EST. The high was 0.6990 and is still holding as the session high as I write this post. That said, I’m only ...

USDJPY: USDJPY Gathers Momentum on Approach to Key Resistance
67 0 6
USDJPY, D
USDJPY Gathers Momentum on Approach to Key Resistance

A daily close above 113.15 would expose the May and July highs near 114.35. Beyond that we have 115.40, a level that served as a pivot between December of 2016 and March of this year. I’m going to stand aside for now and wait for a clear signal. The yen pairs have been difficult to read lately which warrants an extra dose of patience. The most notable event ...

dailypriceaction dailypriceaction PRO USDCHF, D, Long ,
USDCHF: USDCHF Rallies Back to 2017 Resistance
72 0 5
USDCHF, D Long
USDCHF Rallies Back to 2017 Resistance

It’s going to take a daily close (5 pm EST) above it to open the door to upside targets. The first being the April and May highs near 1.0100. For those keeping track, the trend line in question appears to come in at 0.9810 at the time of this writing. A close above it would have us watching for a buying opportunity on a retest of the level as new support. Notice ...

EURJPY: EURJPY Retests Key Support at 131.84
50 0 6
EURJPY, D
EURJPY Retests Key Support at 131.84

A daily close (5 pm EST) below 131.84 would suggest that a pullback to the confluence of support at 128.40 is likely. Such a breakdown would have us watching for a sell signal on a retest of the level as new resistance. Alternatively, a move above the current 2017 high at 134.40 would indicate that bullish momentum is alive and well. Source: http://bit.ly/2ggayd4

dailypriceaction dailypriceaction PRO EURUSD, D, Short ,
EURUSD: Weekly Forex Forecast (October 16 – 20, 2017)
116 0 6
EURUSD, D Short
Weekly Forex Forecast (October 16 – 20, 2017)

EURUSD bulls look ready to capitulate following an impressive run so far in 2017. The 1,750 pip rally that began with the January 3 low is the longest since before the mid-2014 landslide that cost the pair 3,500 pips. We’ve been following this ascending channel (see chart below) for more than a month now. The bearish pin bar that formed at 1.2040 was the first ...

dailypriceaction dailypriceaction PRO EURGBP, D, Short ,
EURGBP: EURGBP Fails to Retake 0.8980
49 0 7
EURGBP, D Short
EURGBP Fails to Retake 0.8980

From here I favor a move back toward the September low at 0.8744. A break below that would target the 0.8600 handle and perhaps even the current 2017 lows near 0.8370. Keep in mind that all of this is unfolding following the break of channel support on September 12. That was a significant breakdown in the sense that it ended the uptrend which began in May. The ...

dailypriceaction dailypriceaction PRO GBPUSD, D, Short ,
GBPUSD: GBPUSD Targets Confluence of Support at 1.3020
151 0 5
GBPUSD, D Short
GBPUSD Targets Confluence of Support at 1.3020

If you’re still on the sideline, the best approach might be to wait for a daily close (5 pm EST) below the confluence of support at 1.3020. Such a close would expose the August low at 1.2770. A break below that would target the June lows near 1.2615. The longer-term target for an ascending channel is usually the pattern’s low. In the case of the GBPUSD, that ...

EURUSD: EURUSD to Face New Round of Selling Pressure Below 1.1875
134 0 14
EURUSD, D
EURUSD to Face New Round of Selling Pressure Below 1.1875

A study of the daily time frame shows what could be the formation of a head and shoulders pattern. The left shoulder developed in early August while the head of the structure was carved out between August 29 and September 22. Whether or not the pair forms the right shoulder is anyone’s guess. Furthermore, without a daily close below 1.1670, we can’t technically ...

USDCHF: USDCHF Rolls Over Following Test of Key Resistance
46 0 4
USDCHF, D
USDCHF Rolls Over Following Test of Key Resistance

If sellers secure a close back below horizontal support at 0.9770, we could see the pair slide back toward 0.9435. On the other hand, a close above trend line resistance near 0.9800/20 would suggest a continuation of the September rally and expose key resistance at 1.0100. Keep in mind that the USDCHF is coming off of multi-year range support at 0.9435. The ...

EURUSD: Weekly Forex Forecast (October 9 – 13, 2017)
60 0 6
EURUSD, D
Weekly Forex Forecast (October 9 – 13, 2017)

The EURUSD lost ground for the second week in a row. This was the likely scenario given the September 25th close below long-term channel support near 1.1900. Another probability that we discussed last week was that the 1.1670 area would attract bids if tested. It’s the August low and a level that served as a pivot between the 21st and 28th of July. Friday’s low ...

EURJPY: EURJPY Teeters on the Edge of Key Support
40 0 3
EURJPY, D
EURJPY Teeters on the Edge of Key Support

That intersection at 128.40 will be my target should we get a favorable short setup. Keep in mind that non-farm payroll is out in just a few minutes at 8:30 am EST. As such, I’m going to wait for the dust to settle following the event before considering an entry. I also want to wait until next week. Taking a position on a Friday carries more risk due to the ...

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