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.
AUDUSD broke strong support at 7210/00 for a sell signal targeting 7170/65 & 7120/10…we are just 14 pips away as I write.
NZDUSD we wrote: hit the next target of 6855 as we look for 6810. Further losses meet strong support at 6780/60.
Only 8 pips from 6810 as I write this morning.
AUDJPY we had a short at 8300/10 targeting 8200/8180…hit this morning as I write for an easy 100 pip profit, but it looks like we can continue lower today.
AUDUSD saw a high for the day at 7210/00 with shorts working after the sell signal targeting 7170/65 & 7120/10 Close this morning), perhaps as far as 7070/50 for profit taking on all shorts this week.
Strong resistance at 7180/7200. Shorts need stops above 7220.
NZDUSD hit the next target of 6855 as we look for 6810 & a test of strong support at 6780/60 for profit taking on shorts before the weekend..
Gains are likely to be limited with minor resistance at 6860/70 & strong resistance at 6925/35. Shorts need stops above 6955.
AUDJPY shorts at 8310/20 already have a 100 pip profit & a break below 8170 is an important sell signal initially targeting 8130 & 8110/00. Gains are likely to be limited with first resistance at 8220/30 & strong resistance at 8275/85. Shorts need stops above 8300.
EURUSD shorts at first resistance at 1.1255/65 worked on the slide to 1.1225 & 1.1200, although we held 14 pips above the next target of 1.1170/60.
USDCAD we wrote: first support at 1.2650/40 could see a low for the day…Longs at first support at 1.2650/40 expected to target 1.2690/1.2700 & 1.2740…
1.2720 reached as I write this morning but outlook remains positive.
Update daily at 06:30 GMT
EURUSD holding first resistance at 1.1255/65 offering us 70 pips profit so far as we look for 1.1170/60. No sign of a low yet, so further losses can target 1.1120/10.
Gains are likely to be limited with minor resistance at 1.1230 & 1.1255/60. Strong resistance at 1.1300/10. Shorts need stops above 1.1325.
USDCAD our longs at first support at 1.2650/40 expected to target 1.2740 today, perhaps as far as 1.2760/70. If we continue higher look for 1.2800.
First support at 1.2650/40 could see a low for the day again today. Second support at 1.2580/70. Stop below 1.2555.
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Jason Sen, Director