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/home-2?utm_source=Tradingview&utm_content=free-price-action-course
Pro Forex Trader | Coach & Author | Founder of dailypriceaction.com
Markets Allocation
100 % forex
Top Mentioned Symbols
EURUSD 22% | 10 AUDUSD 13% | 6 NZDUSD 8% | 4 AUDJPY 6% | 3
GBPCAD: GBPCAD Enters New 570 Pip Range
76 0 4
GBPCAD, D
GBPCAD Enters New 570 Pip Range

The GBPCAD reversed course last month after an aggressive downtrend that took the pair 5,200 pips lower in just over a year. While there’s no guarantee the selloff has ended, last week’s close above 1.7540 was a sign that buyers are back. The 1.7540 area has been a crucial factor for the pound cross. It dates back to 2008 but is better known as the level that ...

EURUSD: EURUSD Moves Higher but Is It Sustainable?
75 0 4
EURUSD, D
EURUSD Moves Higher but Is It Sustainable?

The EURUSD is up 160 pips so far this week after catching a bid at trend line support that extends from the current 2017 low. This is a level we discussed over the weekend as one that needed to break down for sellers to gain momentum. From a technical standpoint, the price action is playing out in textbook fashion. Tuesday’s rally put the single currency above ...

dailypriceaction dailypriceaction PRO EURGBP, W, Short ,
EURGBP: EURGBP Carves Reversal Pattern Ahead of French Elections
57 0 3
EURGBP, W Short
EURGBP Carves Reversal Pattern Ahead of French Elections

The time has come to delve further into what could be an 800 pip reversal pattern on the EURGBP. I’ve mentioned this potential bearish reversal formation several times over the past few months, but the pair had never been so close to capitulating as it was yesterday. Tuesday’s surge in the pound led to an intraday move of more than 200 pips for the EURGBP, the ...

AUDNZD: AUDNZD: Are Buyers Ready to Give Up 1.0765?
47 0 6
AUDNZD, D
AUDNZD: Are Buyers Ready to Give Up 1.0765?

The AUDNZD is currently trading at levels last seen on March 3rd. That was the session that broke the 1.0765 handle, a level that had capped four separate advances since May of last year. Today’s intraday breakdown comes on the heels of more dovish than expected meeting minutes from the RBA. The relative strength of the New Zealand dollar over the past five ...

dailypriceaction dailypriceaction PRO AUDUSD, D, Short ,
AUDUSD: AUDUSD Rejected by Confluence of Resistance at 0.7608
47 0 6
AUDUSD, D Short
AUDUSD Rejected by Confluence of Resistance at 0.7608

Over the weekend I mentioned the 0.7608 handle on the AUDUSD. It’s an area that has directed price action since the January 24th high, and in my opinion, it’s the most obvious technical level in the currency market at the moment. I know some will disagree with that, but allow me to explain why I think so. Not only is 0.7608 a long-standing pivot, but it’s also ...

dailypriceaction dailypriceaction PRO USDJPY, D, Long ,
USDJPY: USDJPY at Key Inflection Point
79 0 6
USDJPY, D Long
USDJPY at Key Inflection Point

The USDJPY has been off my radar for a while now. I’ve intentionally avoided the yen due to the currencies high sensitivity to risk. With tensions running high abroad, things can get rocky in a hurry. But although the safe haven status of the yen presents a challenge for the more risk-averse trader, there’s no denying that the USDJPY has some of the best ...

EURUSD: EURUSD: Where to From Here?
59 0 7
EURUSD, D
EURUSD: Where to From Here?

The EURUSD once again finds itself wedged between support and resistance ahead of the weekend. It seems the additional five sessions haven’t produced much of a resolution compared to where we were last Friday. However, there is one thing we can draw from the past week’s price action. The trend line from the current 2017 low is holding as support, albeit by a ...

EURCAD: EURCAD: Future Direction Hinges on 1.4095
58 2 7
EURCAD, D
EURCAD: Future Direction Hinges on 1.4095

Exactly one week ago we discussed how the EURCAD bulls were tiring following a 430 pip bearish engulfing week. When I released that commentary on April 6th, the pair had already broken channel support on an intraday basis. While writing that post, I took a short position at 1.4321, which I shared with members at the time of the entry. I also added to that ...

dailypriceaction dailypriceaction PRO AUDNZD, D, Long ,
AUDNZD: AUDNZD Carves Bull Flag Following 690 Pip Rally
25 0 3
AUDNZD, D Long
AUDNZD Carves Bull Flag Following 690 Pip Rally

Over the weekend I mentioned the 1.0765 handle on the AUDNZD. Before the March 3rd close above the area, it had served as resistance on several occasions since May of last year. Although buyers haven’t shown much urgency, they have managed to hold price above the 1.0765 area this week. Furthermore, if we drill down to the 4-hour chart, we have what appears to be ...

dailypriceaction dailypriceaction PRO EURAUD, 240, Short ,
EURAUD: EURAUD: Bearish Patterns Emerge Below 1.4180
51 0 5
EURAUD, 240 Short
EURAUD: Bearish Patterns Emerge Below 1.4180

The EURAUD is in the process of carving out an ascending channel on the 4-hour time frame. It’s the result of the 280 pip rally that began in the final session of March. Although the pair climbed to a high of 1.4216 yesterday, sellers were out in force above the 1.4180 handle. The selling pressure formed a 4-hour bearish pin bar, hinting at a substantial depth of ...

dailypriceaction dailypriceaction PRO EURUSD, D, Short ,
EURUSD: EURUSD: Will Sellers Hold 1.0596 Into the Close?
31 0 4
EURUSD, D Short
EURUSD: Will Sellers Hold 1.0596 Into the Close?

On Friday of last week, we looked at a trend line on the EURUSD that extends from the current 2017 low. It was unclear at the time whether or not the 1.0590 area would become a factor. Buyers appear to have held the line into Friday’s close. However, yesterday’s session failed to gain any traction and closed right near the trend line at 1.0594. So even with ...

dailypriceaction dailypriceaction PRO CADJPY, D, Long ,
CADJPY: CADJPY Consolidation Coming to an End?
34 0 8
CADJPY, D Long
CADJPY Consolidation Coming to an End?

The CADJPY isn’t something I trade often. But recent price action suggests the pair could be in the early stages of the next leg higher. And with the right amount of patience, the technical structure that’s been forming since mid-February could offer an attractive entry. The pattern I’m referring to is the descending channel that extends from the February 15th ...

dailypriceaction dailypriceaction PRO AUDNZD, D, Long ,
AUDNZD: AUDNZD Bullish Pin Bar Hints at a Move Higher
43 0 6
AUDNZD, D Long
AUDNZD Bullish Pin Bar Hints at a Move Higher

The AUDNZD came alive in February and continued its bull move through the first half of March. It was the first significant higher high since March of last year when the cross was trading at 1.1280. Since last month’s high at 1.1018, the pair has pulled back and consolidated. But the way in which buyers have held price above 1.0765 suggests a healthy form of ...

dailypriceaction dailypriceaction PRO EURUSD, D, Short ,
EURUSD: EURUSD Retreats Below 1.0635 Following NFP
71 0 9
EURUSD, D Short
EURUSD Retreats Below 1.0635 Following NFP

After a failed attempt at a rebound this week, the EURUSD is once again trading below the 1.0635 handle. We’ve discussed this level several times recently, and it had also served as support over the last three sessions. I’ve been stalking the EURUSD since last week’s false break of 1.0825. I missed the March 29th retest of the level as new resistance and this ...

dailypriceaction dailypriceaction PRO EURCAD, 60, Short ,
EURCAD: EURCAD Bulls Tire Following Weekly Bearish Engulfing Pattern
36 0 6
EURCAD, 60 Short
EURCAD Bulls Tire Following Weekly Bearish Engulfing Pattern

On Tuesday I mentioned that the EURCAD was likely to remain soft below the 1.4380 handle. This level is the 2011 high and has been a significant influence ever since. It’s also the 50% retracement of last week’s bearish engulfing pattern. With this in mind, I was intent on waiting for a sell signal from the 1.4380 area. And given the relief rally so far this ...

dailypriceaction dailypriceaction PRO GBPUSD, 240,
GBPUSD: GBPUSD 4-Hour Wedge to Offer Potential Buying Opportunity
48 0 7
GBPUSD, 240
GBPUSD 4-Hour Wedge to Offer Potential Buying Opportunity

The GBPUSD continues to defy the odds. While other currencies such as the Euro and Australian dollar have weakened against the greenback of late, the British pound has remained firm. I reviewed the pair over the weekend and pointed out the March 29th retest of new support at 1.2410. This was the intersection of former channel resistance and a horizontal level ...

dailypriceaction dailypriceaction PRO EURUSD, D, Short ,
EURUSD: EURUSD Likely to Retest 1.0712 Resistance
40 0 6
EURUSD, D Short
EURUSD Likely to Retest 1.0712 Resistance

Last week the EURUSD crashed through several layers of support in epic fashion. And unless you were quick enough to enter on the March 29th retest of 1.0825, there weren’t many opportunities to get short, at least not without sacrificing a favorable risk to reward. But the mad dash lower came to a halt yesterday at a support level I mentioned over the weekend. ...

dailypriceaction dailypriceaction PRO EURCAD, D, Short ,
EURCAD: EURCAD to Remain Soft Below 1.4380
26 0 6
EURCAD, D Short
EURCAD to Remain Soft Below 1.4380

The EURCAD retested a significant level last week. The trend line that extends from December 2015 is what triggered the recent 420 pip selloff. It’s also a level that could represent the neckline of a 2,000 pip head and shoulders pattern. I first mentioned the potential reversal pattern in mid-October of last year. It has since come up a few more times in the ...

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