Daily TA & Trade Ideas – 7th Mar 2021
Video update: http://youtu.be/LorK4RxzCg0?hd=1
$index buy signal triggered on Thursday with further gains on Friday. Outlook remains positive targeting 9250/60, perhaps as far as 9290 this week.
AUDUSD shorts on the break below 7745 (& also on a break below 7690 on Friday) work as we hit support at 7620/10. We bottomed exactly here.
NZDUSD we wrote: Outlook negative as we hit 7180/70 but further losses are expected.
We hit our ultimate target & minor support at the January low at 7105/7095. We bottomed exactly here.
Outlook remains negative for both pairs.
USDJPY we wrote: rockets as the US dollar breaks higher across the board to hit 108.00. Further gains look likely in the bull trend despite overbought conditions as we look for 108.20/25 & 108.80/95.
We reached 108.63 then dipped to 108.08. No sell signal yet despite severely overbought conditions but we do meet 4 year & 200 week moving average resistance at 109.00/10. A high for the week is likely. I would definitely exit all longs.
EURJPY mostly sideways this week but we are in a 9 month bull trend so we remain buyers on weakness. Minor support at 128.90/80 certainly holding.
CADJPY longs at support at 8495/85 worked perfectly. We bottomed exactly here & shot higher to 8563.
EURUSD we wrote: breaks 500 week moving average support at 1.2000/1.1990 for a sell signal with a break below the February low at 1.1950 expected to add pressure initially targeting 1.1900/1.1890.
Could not be more accurate. We hit 1.1900/1.1890 & bottomed exactly here. Outlook remains negative in what I believe to be a developing bear trend.
USDCAD did hold above 1.2660/50 & beat 1.2700 for a buy signal but we held the next target & 1.2700 last week’s high at 1.2740/50. We tumbled further than I would have expected to retest support at 1.2660/50.
GBPUSD hit the buying opportunity at 1.3820/00 but longs were stopped below 1.3785.
EURGBP held a range of 8594-8669 last week.
Gold Spot held just a point above strong support at 1685/80 (despite further gains in the US dollar) where we predicted a low for the day. The bounce hit our targets of 1700/01 & 1705/10. We topped exactly here.
Silver Spot we wrote: breaks strong support at 2550/40 to target 2525/15. Further losses look likely eventually to 2475/65…
We hit 2481 but outlook remains negative.
Emini S&P March certainly remains volatile. We have started to see daily moves of 100 -120 points per day. However we finished the week where we started after a range of less than 200 points (which is odd when you consider the daily ranges). Obviously we are going nowhere.
Nasdaq March we wrote: breaks the 100 day moving average at 12550/500 for a sell signal & we hit the next target of 12330/330. Below 12300 we look for strong support at 12200/160. Watch for a low for the day
We rocketed from just 7 ticks above 12200. We have a bullish candle but I think I am going to focus on the 1 month bear trend.
|AUDUSD||short term 23.6% Fibonacci resistance at 7710/20.|
|AUDUSD||Sell at 7760/70 with stops above 7790.|
|AUDUSD||break below 7600 is the next sell signal. Buy at 7545/35 stop below 7515|
|NZDUSD||first resistance at 7180/90. Sell at 7220/30, stop above 7250.|
|USDJPY||important resistance at 109.00/10, likely to consolidate & trade sideways.|
|USDJPY||First support at 1.0815/05 could hold the downside|
|USDJPY||buying opportunity at 107.85/75 with stops below 107.60.|
|EURUSD||best support for today at 1.1835/25 as we become oversold.|
|EURUSD||selling opportunity at 1.1790/80 & stops above 1.1995.|
|USDCAD||buy a break above 1.2700 for a 1.2740/50, perhaps as far as 12.840/60.|
|Gold||Buyat 1685/80, with stops below 1675.|
|Silver||selling opportunity at 2540/50 with stops above 2570.|
|WTI Crude||500 week moving average & also the 2019 high at 6630/60.|
|Emini S&P||Strong resistance at 3840/50 & again at 3880/85|
|Emini S&P||buying opportunity at 3685/75 with stops below 3665.|
|Nasdaq March||Sell at 12600/650, stops above 12700.|
|Nasdaq March||Sell at 12850/900 stops above 12950.|