Daily TA & Trade Ideas – 23rd Feb 2021
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 & 7920/30.
We topped exactly at 7920/30 with 100 pips profit on longs so far. We could reach as far as 7980/90 later in the week. Outlook remains positive in the bull trend despite overbought conditions.
NZDUSD beat key resistance at the January high at 7310/15.
USDJPY broke first support at 105.50/40 to hit the next target of 104.90/80.
EURJPY trades sideways in a pennant to consolidate gains. We held minor support at 127.70/60.
CADJPY hit the best buying opportunity of the day at 8320/10 & we bottomed exactly here.
EURUSD break above 1.2170 is a buy signal.
USDCAD shorts at our selling opportunity at 1.2650/70 worked perfectly. We topped exactly here & collapsed to 1.2585 for a 65 pip profit.
GBPUSD unfortunately dipped to 1.3978, not as far as our buying opportunity at 1.3955/45. As expected we did continue higher.
Longer term outlook remains positive but I am concerned about severely overbought conditions. Shorts are way too risky but we can buy on a correction.
Gold Spot we wrote: bullish candle after we held key 3 year trend line support at 1759/57 with a potential double bottom buy signal.
The buy signal certainly worked & we had a second buy signal on the break above 1791/92. We shot straight to resistance at 1805/10 for a 13 point profit.
Silver Spot in a two and a half month bull trend but almost impossible to hold longs in such an erratic & random market. However silver has broken above 2780/90. Holding above here is positive.
WTI Crude APRIL Future sell signal was completely wrong. Oil unexpectedly shot higher to a new high for the 9 month bull market at 6300.
Dax 30 March retested our buying opportunity at 13880/850 & just held 13800 despite weaker US stock markets.
Emini S&P March holding below 3900 is more negative for today.
Nasdaq March we wrote: break below 13450 is a sell signal initially targeting 13280/240 perhaps as far as 13100/13000.
We reached 13194. Outlook remains negative for today.
| AUDUSD | buy at 7855/45. Longs need stops below 7835 |
| AUDUSD | buy at 7800/7790 with stops below 7780. |
| NZDUSD | buy at 7275/65 with stops below 7250. |
| EURJPY | buy at 127.30/20 with stops below 127.05. |
| CADJPY | Buy at 8330/20 with stops below 8300 |
| EURUSD | break above 1.2170 is a buy signal. |
| USDCAD | sell at 1.2650/70 with stops above 1.2685. |
| GBPUSD | buy at 1.3945/25, with stops below 1.3910. |
| EURGBP | Sell at 8720/30 with stops above 8745. |
| Gold | sell at 1815/18 today with stops above 1821 |
| Gold | buy in the 1770/60 area with stops below 1750. |
| AUDCAD | buy 9900/9880 with stops below 9870 |
| 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 |
| Emini S&P | outlook negative if we hold below 3890 |
| Emini Nasdaq | outlook negative in the short term bear trend. |
