Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.
AUDUSD longs at good support at 7475/55 worked perfectly with a low for the day here & a bounce to our target of 7490/7500. (A high for the day just 12 pips above).
Thursday’s bearish engulfing candle remains a sell signal for this week.
NZDUSD topped out on Thursday as predicted leaving a bearish engulfing candle for a sell signal. However longs at 7140/30 worked on Friday hitting 7180/90 for profit taking. A high for the day here in fact.
AUDJPY saw a high for the rally at Thursday’s high of 8624 as predicted leaving a bearish engulfing candle for a sell signal. Our longs at 8510/8490 worked perfectly hitting the 8540/50 target for profit taking & in fact this was the high for the day before prices sold off to 8460.
AUDUSD held good support at 7475/55 & it could be worth trying small longs here again targeting 7490/7500 for profit taking. Gains are likely to be limited but a break above 7515 allows a recovery to 7530/35. Strong resistance at 7555/65 should be a big challenge. It is unlikely we will reach this far but if we do, try shorts with stops above 7580.
Longs at 7475/55 stop below 7445 (so the risk is very small). A break lower is a sell signal targeting 7410/7390, perhaps as far as 7360/50.
NZDUSD longs at first support at 7140/30 could work again targeting 7180/90 for profit taking. Gains are likely to be limited now. If we retest 7200/7220, try shorts with stops above 7240. BUT be ready to sell again at very strong resistance at 7255/75. Stop above 7300.
Longs at first support at 7140/30 must stops below 7120 so the risk is very small. A break lower is a sell signal targeting 7090/80 probably as far as 7040/30.
AUDJPY expected to test first support at 8460/40. This may hold on the first test only for a bounce to 8500 but gains are likely to be limited after the sell signal. Unlikely but further gains meet a selling opportunity at 8540/50. Stop above 8570. I would sell again at 8620/40 with stops above 8660.
A break below 8420 is the next sell signal targeting 8370 & 8345/35.
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No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
Jason Sen, Director