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 shorts at 7210/00 worked perfectly after the sell signal targeting 7170/65 & 7120/10 for a potential 90 pips profit, with a low for the day exactly here.
NZDUSD we wrote: hit the next target of 6855 as we look for 6810.
This target was hit after a 57 pip drop.
AUDJPY shorts at 8310/20 offered up to 200 pips profit on the slide to 8110/00. Longs were stopped below 8075 before we hit the next target of 8055/50, with a low for the day.
Today’s Analysis
AUDUSD shorts at 7210/00 working after the sell signal targeting 7170/65 & 7120/10. Further losses look likely when we open to first support at 7070/50 in oversold conditions. A break lower targets 7000.
Gains are likely to be limited with minor resistance at 7150/55. Strong resistance at 7175/85. Shorts need stops above 7195 but try shorts again at 7215/25, with stops above 7235.
NZDUSD hit the next targets of 6855 & 6810. Expect strong support at 6780/60. Longs need stops below 6730.
Gains are likely to be limited with minor resistance at 6835 & strong resistance at 6855/65. Shorts need stops above 6875. Try shorts at 6890/6900, with stops above 6915.
AUDJPY hit all the downside targets as far as 8055/50. Further losses meet very strong support at 8010/7990. Longs need stops below 7960. Gains are likely to be limited at this stage, with first resistance at 8110/30. Strong resistance at 8180/8200. Shorts need stops above 8220.
USDJPY broke strong support at 114.20/10 for the next target of 113.40/30, before a bounce from 113.03.
EURJPY collapsed to the only support for the week at 127.95/90.
CADJPY shorts at 9100/9110 worked perfectly on the slide to 8900/8890 but we continued lower look to the next target of 8875/50.
Update daily at 06:30 GMT
Today’s Analysis
USDJPY gains are likely to be limited with first resistance at 113.55/65. A better selling opportunity at 113.95/114.05, with stops above 114.20.
Minor support at 113.10/00. A break below 112.90 targets the November low at 112.70 then strong support at 112.45/35. Try longs with stops below 112.20.
EURJPY collapsed to the only support for the week at the August/September low at 127.95/90, with a good bounce from just 12 pips below. A break lower is obviously an important sell signal this week, with another 100 pip drop likely.
Resistance at 128.60/70 but above 128.80 meets a selling opportunity at 129.10/20 with stops above 129.40.
CADJPY strong support at 8850/30. Longs need stops below 8810. A break lower targets 8770/60 then 8710/00. Longs at 8850/30 target 8900/10, perhaps as far as first resistance at 8950/60. Try shorts with stops above 8975.
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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
20211129
