Daily TA & Trade Ideas – 17th Feb 2021
AUDUSD longs from our buying opportunity 7715/05 work as we hit 7760/65 then 7780/85 but we warned that the January high at 7810/20 was key resistance & profit should be taken. We topped just 5 pips below.
We wrote: It is always risky to sell in to shorts in a strong bull trend. However in overbought conditions if we hold the January high we have a potential double top sell signal. If you want on bet on this pattern forming (it is high risk) the downside support is 7755/45, perhaps as far as a buying opportunity at 7720/10.
If you managed to short we tumbled to just 8 pips above our buying opportunity.
NZDUSD remains stuck in a 5 week sideways channel. Shorts at first resistance at 7250/60 this worked perfectly on the slide to minor support at 7210/7190.
USDJPY held strong resistance again at 105.40/50 & sold off to 105.16. However later in the day we broke higher to 106.21.
EURJPY beat resistance at 127.10/20 & the January high at 127.50, both breaks giving buy signals. We shot higher to 128.20/30 but topped half way to first resistance at 128.65/75.
CADJPY longs at our buying opportunity at 8235/25 worked perfectly as we beat the 200 week moving average at 8310/20 for another buy signal reaching 8374 but we are consolidating gains now & trading sideways.
EURUSD held 15 pips above our first buying opportunity at 1.2100 & topped exactly at the first target of 1.2140/50 as we trade sideways.
USDCAD remains in a 3 month sideways trend as we bounce from just above minor support at the January low at 1.2595/85.
GBPUSD bottomed exactly at our buying opportunity at 1.3865/55 with stops below 1.3840.
EURGBP topped exactly at our selling opportunity at at 8740/50. Shorts offered up to 45 pips profit.
Gold Spot topped 4 points from first resistance at 1830/34 & collapsed 40 points to targets of 1814/12, 1808/06 & 1794/92.
Silver Spot collapsed to best support at 2685/75 & bottomed exactly here.
Dax 30 March bottomed exactly at first support at 14040/13990.
Emini S&P March topped exactly the 3958/60 target & hit profit taking to our buying opportunity at 3923/20 with stops below 3910. Longs here are starting to work.
Nasdaq March topped exactly at the 13880/900 target & hit profit taking. However we fell further than expected reaching 13694.
|AUDUSD||key resistance again at the January high at 7810/20|
|NZDUSD||holding key resistance at 7250/60 targets minor support at 7200/7190|
|NZDUSD||be ready to buy a break above a break above 7270|
|NZDUSD||buy at 7125/15 with stops below 7100.|
|EURJPY||buy at 127.50/40 with stops below 127.20|
|CADJPY||Longs work perfectly. Buy again at 8315/05 with stops below 8290.|
|EURUSD||buy at 1.2100/1.2090 with stops below 1.2080|
|EURUSD||A break lower is a sell signal.|
|GBPUSD||buy at 1.3865/55 with stops below 1.3845.|
|GBPUSD||buy 1.3810/00 with stops below 1.3775.|
|EURGBP||Sell at 8740/50 with stops above 8765.|
|AUDCAD||buy 9810/00 with stops below 9790. (Hold longs for a swing trade).|
|Dax March||buy at 13880/850 with stops below 13800.|
|EuroStoxx March||buy at 3680/70 with stops below 3660.|
|Emini S&P||buy at 3890/80 & stop below 3875.|
|Emini S&P||buy at 3850/40 with stops below 3830.|