FX Technical Analysis
Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.
EURUSD shorts at first resistance at 1.1610/20 are working today.
USDCAD remains in a sideways range, good for scalping opportunities only as we hold first resistance again at 1.2420/40. Shorts stop above 1.2450.
GBPCAD did not break lower but is holding around the low.
Update daily at 06:30 GMT
TODAY’S ANALYSIS
EURUSD first resistance again at 1.1610/20. Shorts need stops above 1.1630. A break higher can target strong resistance at 1.1695/1.1705. Exit longs & try shorts with stops above 1.1720. A break higher is a buy signal targeting 1.1765/70 & 1.1800/10.
Shorts at 1.1610/20 target 1.1580/75 (hit) perhaps as far as first support at the October low at 1.1530/20 today for profit taking. A break below 1.1510 is a sell signal initially targeting 1.1490 & although this could hold initially (a low for the day certainly possible but longs are risky) we eventually expected to target 1.1430/20.
USDCAD first resistance again at 1.2420/40. Shorts stop above 1.2450. Be ready to buy a break above 1.2450 targeting 1.2510/30.
Shorts at 1.2420/40 target 1.2370/65 (likely to pause here) then support at 1.2300/1.2280. Longs here need stops below 1.2270. A break lower is a sell signal.
GBPCAD hits targets of 1.6950/40 & 1.6910/1.6890 for profit taking on shorts as finally we head for the target of 1.6870/60, perhaps as far as support at 1.6800/1.6780.
First resistance at 1.680/90. Shorts need stops above 1.7010. We can try shorts again at 1.7050/70 but must stop above 1.7090.
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No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
Jason Sen, Director
https://www.daytradeideas.co.uk
20211103
