When talking about reversal patterns in Forex trading, few are more familiar or widely-known than rising and falling wedges. But why so? Well, wedge patterns tend to offer some of the most precision entries as well as some of the most attractive R-multiples in terms of measured-move target areas. So, let’s define what a wedge […]

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Today were going to have a look at the NZDUSD weekly chart. We can see that for close to 2 years price has been ranging in between our areas of support and resistance, or you could say it’s a rectangle pattern. However you like to call it, we’re seeing a long term consolidation of price […]

The post NZDUSD Range Bound For Now, But Is It Winding Up For A Big Move? appeared first on Action Forex.

One of the first things i stumbled into this morning was a potential setup on the USDSGD pair. After a lengthy downtrend we’ve seeing price stall/consolidate for a couple of months now. Consider the daily chart below. You can see that our red supply zone has been tested numerous times in the past, and since […]

The post USDSGD Bounce Or Break? appeared first on Action Forex.

Since then, price has been playing out brilliantly and gold continues to tighten up as shown on the XAUUSD weekly chart below. You can see we’re at the point now where price looks coiled to explode to the upside and there’s very little resistance overhead until around the 1571 level. Let’s look at it a […]

The post As Good As Gold appeared first on Action Forex.

Today we’ve got a potential setup forming on the AUDNZD weekly chart. What we’re seeing here is the testing of a multi-year rising trendline. With price currently at this area of support we can assume one of two things will occur; 1 – Support will hold and price will bounce off our trendline, or 2 […]

The post AUDNZD Forming A Long Term Ascending Triangle appeared first on Action Forex.

I hope you had a good weekend. It seems that as traders, we’re perhaps the only people who look forward to Mondays. Skimming through some more charts over the weekend and came across a beauty. on the weekly chart of the USDCAD, we’ve got a nice wedge forming. This downward resistance seems to be quite […]

The post USDCAD At A Strong Downward Trend Line appeared first on Action Forex.

Flipping through the charts last night, I came across this and wondered, is the sun setting on the Nikkei? What we’re seeing here is a symmetrical triangle pattern forming on the daily chart. Now, ideally i’d like to see a few more touches of the trendline, but the pattern is still valid. While symmetrical triangles […]

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As shown in the weekly chart below, it looks as though something is on the horizon for GBPCAD as price lingers around some pretty heavy resistance. We're presented with two possible scenarios – Price either gets rejected, or we see price breaking through resistance. Let's go down to a daily chart for further analysis.

The post What’s GBPCAD Going To Do Here? appeared first on Action Forex.

As shown on the daily chart below, the Kiwi / US pair is displaying a potential Inverse Head & Shoulders continuation pattern that has been developing over the past 6 months. Not only does this signify that the correction could be coming to end, but it presents a potential opportunity for significant upside gains.

The post Possible Inverse Head And Shoulders On The Kiwi appeared first on Action Forex.

This is where your trading discretion comes in and you have a question to answer. Does the fact that this resistance level has held, trump the fact that for the entire year of 2017, EUR/AUD has been on a bullish tear? Do you put your weight in the trend, or in the higher time frame level? In an ideal trading setup, both of these would line up, but not here.

The post We Have A Decision To Make In EUR/AUD appeared first on Action Forex.

Welcome back to the final trading week before Christmas. It will be from this week that liquidity starts to fall and things could go one of two ways. First, price could well do absolutely nothing. Trade in a boring, sideways range as tight as 20 pips a day. But it could just as easily lurch a couple of hundred pips straight down on next to no news, simply because there aren't any orders in the market to absorb the move.

The post Gold Shorts Still In Play appeared first on Action Forex.

As you can see on the daily chart above, the bears are firmly in control of the market. Now stepping into an intraday chart, you can see our tried and tested stepping pattern playing out:

The post Bears Take Control Of Gold appeared first on Action Forex.

After benefiting from USD weakness and ripping higher though channel resistance, EUR/USD was unable to break the next level of higher time frame resistance and has started to slowly edge back down.

The post EUR/USD Bull Flag And Level To Watch appeared first on Action Forex.

Take a look at the levels that I've put the markers on. That's pretty obvious previous short term support turned resistance. The qualifier for this trade is the fact that price is trending down and that the higher time frame resistance level around the 80c psychological level was rejected so heavily.

The post AUD/USD Update. Lower We Go appeared first on Action Forex.

'These types of setups really are a risk manager's dream and I hope that you're taking advantage of the opportunities that are continuing to be gifted to you by the markets. Find your levels, trade your levels and manage your risk.' Find your levels and trade your levels indeed!

The post GBP/JPY Higher Out Of Support appeared first on Action Forex.

We've been watching this GBP/USD channel as price moves up between horizontal support/resistance zones. Price has found some bullish legs following the last tap that we spoke about on the blog last week, but has now reached previous swing high resistance and stalled.

The post GBP/USD Reaches Resistance Within Daily Channel appeared first on Action Forex.

With Monday's AUD/USD and yesterday's USD/CAD setups playing out nicely, I wanted to speak about the AUD/NZD short setup that we had previously featured. A level that didn't hold and the setup was blown out of the water by a fundamental news spike.

The post Indecision Candle At AUD/NZD Daily Support appeared first on Action Forex.

It's a lovely Tuesday morning in Sydney today and I hope you're back fully immersed in the markets for the week with me. There are some absolutely fantastic opportunities popping up all over my MT4 watch list and we want to be around to take advantage of them! I mean yesterday's AUD/USD short was about as clean of a setup that you're going to see, and today's USD/CAD bounce has similar potential.

The post USD/CAD Bouncing Off Key Zone appeared first on Action Forex.

Take a look at the levels that I've put the markers on. That's pretty obvious previous short term support turned resistance. The qualifier for this trade is the fact that price is trending down and that the higher time frame resistance level around the 80c psychological level was rejected so heavily.

The post AUD/USD Makes Yet Another Push Lower appeared first on Action Forex.

Onto today's technicals and we're back at it today with a look at one of my favourite forex crosses: EUR/AUD. Do you remember the “Crunch time” for EUR/AUD support blog? Well the support level in question held and price has now kicked up to major swing high resistance:

The post EUR/AUD Swing High Resistance Zone appeared first on Action Forex.