Daily TA & Trade Ideas – 26th Feb 2021
A dramatic & unexpected recovery in the dollar in the evening. Long USDZAR was the big winner for us.
AUDUSD reversed when we tested important 4 & 6 month trend line resistance at 7940/80 in severely overbought conditions. However prices collapsed further than expected through our buying opportunity at 7885/75.
A large bearish engulfing candle indicates the end of the bull run but we have key support at 7770/7760 today.
NZDUSD unexpectedly reversed leaving a negative reversal candle & we have wiped out Wednesday strong gains.
USDJPY in a difficult bull trend where we go down for a week then up for a week. We are through resistance at 106.00/10 for the next target of 106.40/45
EURJPY beat 128.45 for a buy signal targeting 128.65/75, 129.30/40 & 129.80/90.
All targets hit for a potential 180 pip profit.
CADJPY longs at 8320/10 hit targets of 8370/75, 8400/30 & 8460/80 but we missed the next target by 11 pips.
EURUSD beat 1.2170/80 for a buy signal initially targeting 1.2020/25 & 1.2260/70 but we unexpectedly reversed sharply in between these targets.
The outlook is now more unclear with no trend or pattern to follow.
USDCAD missed the next target of 1.2455/45 by 10 pips & unexpectedly reversed very quickly to beat Wednesday’s high leaving a bullish engulfing candle with further gains over night.
GBPUSD broke strong support at 1.4085/75 this time & has collapsed through the next target & support at 1.3995/75 over night.
EURGBP bottomed exactly at first support at 8550/40 in severely oversold conditions on Wednesday but even so, yesterday’s strong recovery was unexpected.
Gold Spot collapsed from strong resistance is a little higher at 1815/18 this week to test key support in the 1770/60 area.
Be ready to sell a break below 1757.
Silver Spot trades sideways, up one day & down the next, making it difficult to trade.
Dax 30 March has traded sideways in a 400 tick range for 3 weeks. Probably fair to say we have only really traded sideways for 3 months. Yesterday we wiped out Tuesday & Wednesday’s gains.
Emini S&P March becoming extremely volatile as we wipe out Tuesday & Wednesday’s strong gains.
Nasdaq March topped exactly at resistance at 13350/400.
| AUDUSD | Best support at 7770/60. Longs need stops below 7740. |
| AUDUSD | A break lower is a sell signal. |
| EURJPY | buy at 128.30/20 with stops below 128.00. |
| NZDUSD | best support 7290/80, stops below 7270. A break lower is sell signal |
| CADJPY | best support for today at 8400/8380 stops below 8365 |
| CADJPY | buy 8325/15, stops below 8295. |
| Gold | Sell a break below 1757. |
| Emini S&P | important 11 month trend line support at 3765/60 |
| A weekly close below is an important sell signal. | |
| Nasdaq | break below 12740 is a sell signal |
