Daily TA & Trade Ideas – 19th Mar 2021
The dollar index recovered all of Wednesday’s losses yesterday. However, considering the strong bull trend in US bond yields, the dollar really is not showing a great deal of strength.
NZDJPY we have a double top sell signal with bearish engulfing candle. Shorts need stops above 7925. The first support level is at 77.40. A weekly close below here will be an additional sell signal. a weekly clothes below 77.14 would leave a bearish engulfing candle on the weekly chart, and would be another important sell signal.
Resistance today is at 78.25 / 78.35 with stops above 78.60.
USDCHF in a two-and-a-half month bull trend and just held good short-term support around 9230 / 9220. Looks like we are breaking out of a bull flag to start the next leg higher and can target 9419 / 9510
AUDUSD shorts at strong resistance at 7835/45 were perfect offering a quick 70 Pip profit on the slide to our target of 7770/60. We did continue lower to next target of 7720/10.
NZDUSD wipes out Wednesday strong gains in the sideways trend.
It looks likely that we are forming a head and shoulders pattern in both of these pairs but we must wait for a break below the necklines to confirm the sell signals.
EURUSD topped exactly at very strong resistance at 1.1985/95 with shorts often up to 60 pips profit as we get the first target & support at 1.1935/25
USDCAD formed a bullish engulfing candle on the 1-hour chart and then a bullish hammer candle on the 4-hour chart to trigger gains as far as 1.2526, as oil collapsed. A bullish engulfing candle on the daily chart signals a low in place in oversold conditions. We could eventually recover as far as 1.2700.
Gold Spot fooled me yesterday with the unexpected move back below 1740/45. Longs were stopped below 1735.
| AUDUSD | Key resistance at 7835/45. Shorts need stops above 7850. |
| AUDUSD | A head & shoulders looks like it is forming. |
| NZDUSD | Head & shoulders likely to be forming. |
| CADJPY | Sell signal – see report |
| USDJPY | important resistance at 109.00/10 again today. BUY ABOVE 109.35 |
| USDJPY | Outlook negative. |
| EURJPY | important resistance at 130.55/75. WE HAVE A SELL SIGNAL |
| EURJPY | best support for today at 129.40/30, SELL A BREAK BELOW HERE |
| EURUSD | short at key resistance at 1.1990/1.2000 work well this week |
| EURUSD | 200 day moving average support at 1.1860/50. Sell a break below. |
| Dax June | buy 14600/570 with stops below 14530. |
| EURAUD | 9 year trend line, 200 wma support 1.5450/00, stops below 1.5230 |
| NZDJPY | double top sell signal with bearish engulfing candle |
| NZDJPY | Sell at 78.25 / 78.35 with stops above 78.60. |
| NZDCAD | Still holding 200 day moving average at 8940/30 |
| EURAUD | double bottom buy signal, oversold conditions at 9 year trend line |
| USDCHF | outlook positive as we break breakout of a bull flag. |
