Daily TA & Trade Ideas – 21st Feb 2021
A difficult start to last week but by the end there was 1000 pips profit on trades from the spreadsheet.
$index is clearly in a sideways trend (unfortunately) after we failed to sustain the 4-week recovery at the beginning of February. The sideways direction of the moving averages on the 4 hour chart confirm this trend. Strong resistance at 9100/9110 at the start of the week.Support at the 6-week range low at 9020/00.
AUDUSD beat key resistance at the January high at 7810/20 for a buy signal (so we jumped back in to a long) initially targeting 7845/55 & 7885/95. We missed this target by only 8 pips.
NZDUSD we wrote: strong resistance at 7250/60. Shorts need stops above 7270. A break higher is a buy signal targeting the January high at 7310/15.
USDJPY over ran first support at 105.50/40 hitting 105.22 before the bounce.
EURJPY longs at our buying opportunity at 127.60/40 work on the recovery towards minor resistance at 128.30/128.45, although we topped 12 pips below here.
CADJPY we wrote: longs at our buying opportunity at 8315/05 target 8340/50 & 8370/75.
An easy 55 pips profit on Friday as we top 10 pips above 8375.
EURUSD clearly trading sideways in a directionless market. Up one day & down the next. In fact it is the same trend on the weekly chart for 6 weeks. To confirm the sideways trend, we closed the week unchanged after initially wiping out the previous week’s gains.
USDCAD crashed from strong resistance at 1.2730/40 on Wednesday & Thursday, hitting our target & minor support at the January low at 1.2595/85, for a potential 140 pip profit.
GBPUSD we wrote: in a longer term bull trend so the downside should be limited & we should continue higher.
We beat minor resistance at 1.3855/65 hitting all targets of 1.3945/55, 1.3985/95 & 1.4015/25. We topped only 10 pips above here. Outlook remains positive.
EURGBP shorts at 8740/50 offered up to 100 pips profit as we hit our target of 8645. Longer term outlook remains negative but in the very short term we are severely oversold.
Gold Spot we wrote: we meet key 3 year trend line support at 1759/57. Holding here allows a recovery to 1767/69, perhaps as far as minor resistance at 1781/84. A break above 1789 targets 1795/96.
We bottomed exactly at 1759/57 & shot higher to 1781/84 but held just below 1795.
Silver Spot unexpectedly shot straight back up above 2685/75 with shorts stopped above 2700.Dax 30 March bottomed exactly at our buying opportunity at 13880/850 with a quick & easy 120-140 ticks profit on the trade as we hit the first target of 13990/14020. We topped exactly here so obviously we watch these levels on Monday.
Emini S&P March held within Thursday’s range from our buying opportunity at 3890/80 up to 9931.
Nasdaq March longs at our buying opportunity at 13530/500 worked perfectly on the bounce to our first target of 13730/770. We topped exactly here. Trade these levels while we wait for a breakout of the short term sideways range.
|AUDUSD||we have a buy signal after beating the January high at 7810/20|
|AUDUSD||best support at 7820/10, stop below 7790.|
|NZDUSD||key resistance at the January high at 7310/15.|
|NZDUSD||Be ready to buy a break above 7330.|
|NZDUSD||buy at 7270/60 with stops below 7245.|
|EURJPY||buy at 127.30/20 with stops below 127.05.|
|CADJPY||outlook positive so we buy on weakness (minor support at 8340/35)|
|CADJPY||Buy at 8320/10 with stops below 8290.|
|GBPUSD||buy at 1.3905/1.3895, stop below 1.3975|
|GBPUSD||buy at 1.3815/05. Stop below 1.3790.|
|EURGBP||Sell at 8720/30 with stops above 8745.|
|Gold||held key 3 year trend line support at 1759/57|
|….with a potential double bottom buy signal.|
|Gold||buy a break above 1793.|
|Gold||very strong resistance at 1805/10, stops above 1815.|
|AUDCAD||buy 9875/65 with stops below 9850.|
|AUDCAD||buy at 9830/20 with stops below 9800|
|USDZAR||Buy at 14.50/40 with stops below 14.20.|
|NZDJPY||Buy at 7615/7595 with stops below 7580|
|NZDJPY||Buy at 7560/50 with stops below 7530|
|Dax March||buy at 13880/850 with stops below 13800.|
|Dax March||A break lower is a sell signal so be ready to reverse in to a short|
|WTI Crude||short term sell signal with resistance at 5950/5970 & 6000/30|
|WTI Crude||buy at 5555/35 with stops below 5480.|
|Emini S&P||buy at 3890/80 & stop below 3875.|
|Emini S&P||buy at 3850/40 with stops below 3830.|
|Nasdaq March||buy at 13530/500 with stops below 13450.|
|Nasdaq March||buy at 13280/240 with stops below 13190|
|AUDNZD||Sell at 1.0790/1.0810 with stops above 1.0820.|