Daily TA & Trade Ideas – 17th Mar 2021
We wait for the FOMC this evening.
AUDUSD topped exactly at key resistance at 7745/55 but only 25 pips profit was offered.
NZDUSD trades sideways for 2 weeks in a range from 7100 to 7240.
USDJPY dipped a little but held the first target of 108.70/60. We are probably entering a sideways trend to ease overbought conditions as there is no sell signal yet. We can try to trade a range from 10910/20 down to 108080/70 this morning.
EURJPY hit 130.48 & rejected important 14 month trend line resistance at 130.55/75. Prices collapsed to strong support at 129.60/50 & we bottomed exactly here. Longs worked on the bounce to 129.90 over night.
CADJPY sideways in severely overbought conditions to consolidate gains with strong 100 month moving average resistance around these highs but no sell signal yet.
EURUSD charts are a confusing mess at this stage. I will have to wait for a clear signal. I think 200 day moving average support at 1.1850/40 will be key today.
USDCAD holding a downward sloping 7 month trend line (at 1.2420/10 today). So far this week we have held first resistance at 1.2505/15 perfectly.
GBPUSD sideways for 3 weeks so we trade the range from 1.3780/70 up to 1.3990/1.4010.
EURGBP held a range from 8620 down to 8546 last week & traded a few pips inside this high & low yesterday so same levels apply for today.
Gold Spot we wrote: resistance at 1740/45 is key to direction today. Shorts here were offered a quick & easy 15 point profit on the slide to first support at 1725. We bottomed exactly here.
WE COULD BE BUILDING A BULLISH INVERSE HEAD & SHOULDERS FOR A BUY SIGNAL ON A BREAK ABOVE 1745 THIS WEEK.
Dax 30 March in a consolidation after last week’s strong gains in severely overbought conditions but definitely no sell signal. I think we are forming an ascending triangle which is likely to lead to a break higher eventually.
Emini S&P JUNE dipped back to support at the previous all time high & bottomed exactly here as expected. Obviously this remain key to direction today.
Nasdaq JUNE climbs slowly to beat 50 day moving average is key resistance at 13150/200. Holding above here is buy signal today.
| AUDUSD | first resistance at 7750/55, strong resistance at 7780/90 |
| AUDUSD | 7715/10 for profit taking on shorts. |
| NZDUSD | Key resistance at 7235/45, stops above 7260. |
| NZDUSD | buying opportunity at 7115/7005, with stops below 7090. |
| CADJPY | important 100 month moving average resistance around these highs |
| USDJPY | important resistance at 109.00/10 again today. BUY ABOVE 109.35 |
| USDJPY | minor support at 108.80/70 & at 108.35/25 |
| EURJPY | important resistance at 130.55/75. Shorts need stops above 131.00. |
| EURJPY | Buy again at 129.60/50,stops below 129.40. |
| EURJPY | Buy at 129.25/15 with stops below 128.90. |
| EURUSD | Key resistance at 1.1990/1.2000 |
| EURUSD | 200 day moving average support at 1.1850/40. stops below 1.1825. |
| USDCAD | first resistance at 1.2505/15, 2nd resistance at 1.2250/55. |
| GBPUSD | buying opportunity at 1.3805/1.3795, with stops below 1.3765. |
| Emini S&P March | beat the all time high at 3954/58 for a buy signal (& this is support today). |
| Nasdaq | 50 day moving average resistance at 13150/200 |
| Gold | buy at 1715/12, stops below 1710. |
| Gold | Buy at 1685/80, with stops below 1675. |
| Gold | key resistance at 1740/45. Buy a break above here for 1753/58. |
| Dax March | buying opportunity at 14380/350, with stops below 14320. |
| Nasdaq | buy 12790/750. Try longs with stops below 12700. |
| Nasdaq | key resistance at 13150/200. A break higher is a buy signal. |
| NZDCAD | 200 day moving average support at 8940 |
| AUDJPY | potential double top at the 500 week moving average at 84.35. |
| EURAUD | 9 year trend line, 200 wma support 1.5450/00, stops below 1.5230 |
