Daily TA & Trade Ideas – May 7th 2021
The Canadian dollar has been very strong recently but hitting major longer term resistance against all currencies.
USDCAD 500 week moving average support at 1.2190/80. AUDCAD tests 200 wma at 9480/60. EURCAD 38.2% Fib, 6 year trend line & 500 & 200 month MA at 1.4615/1.4585. CADJPY 14 year trend line & 200 month MA resistance at 8900/30 & 38.2% Fibonacci resistance at 9010/30. A big day for Canadian dollar.
Bitcoin head & shoulders forming?
AUDUSD head & shoulders pattern developing? |
| NZDUSD 500 week MA resistance at 7305/25. Shorts need stops above 7345. |
| EURUSD 50, 200 day & 500 week MA plus 38.2% Fibonacci support at 1.1965/45 |
| EURUSD strong resistance at 1.2060/80. Shorts need stops above 1.2100. |
| USDCAD 500 week moving average support at 1.2190/80. |
| USDCHF 100 & 200 day moving average support at 9085/65. Golden cross? |
| AUDJPY 500 week plus 200 & 100 month moving average resistance at 8440/70 |
| USDJPY holding above the 100 month MA at 109.00/108.90 is more positive |
| USDJPY break below 108375 is a sell signal. |
| USDJPY first resistance at 109.87/92. |
| CADJPY important 14 year trend line & 200 month MA 8900/30, stops above 8960. |
| CADJPY 14 year 38.2% Fibonacci resistance at 9010/30. |
| AUDCAD tests 200 wma support at 9480/60. |
| EURJPY holding 16 month trend line resistance at 131.50/70 is negative this week. |
| EURJPY Key resistance at 132.30/40. Shorts need stops above 132.55. |
| EURJPY strong support at 130.50/30 this week. |
| EURCAD 38.2% Fib, 6 year trend line & 500 & 200 month MA at 1.4615/1.4585. |
| GBPNZD support at the 100 day moving average at 1.9190/80. |
| UZDZAR Fibonacci & 200 week moving average resistance at 14.45/55. |
| WTI Crude 500 week moving average resistance at 6600/6620, stops above 6680 |
| Gold downside is expected to be limited, strong support at 1800/1795 |
| Silver downside is expected to be limited with support at 2710/00. Stop below 2680. |
Jason Sen, Director
https://www.daytradeideas.co.uk
