Technical Analysis – DayTradeIdeas
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 could be forming a bear flag, meaning eventually we will break lower & make a new low below 1.0800.
USDCAD remains very much in an erratic & random 9 month sideways trend. A scalpers market as I do not think we can hold trades for long before prices reverse.
On Friday we made a high for the day exactly at strong support at 1.2600/1.2580. Longs need stops below 1.2550.
Update daily by 05:00 GMT
Today’s Analysis.
EURUSD beat first resistance at 1.1065/85 to target 1.1150/70 but reversed from 13 pips below here. First support at 1.0980/65. Longs need stops below 1.0955. A break lower is a sell signal targeting 1.0910/00. This is not a support so if we continue lower look for 1.0850 before a retest of the March low & important 5 year trend line support at 1.0825/05. Longs need stops below 1.0780.
Key resistance at 1.1140/60. Shorts need stops above 1.1170. A break higher targets strong resistance at 1.1230/50.
USDCAD tests strong support at 1.2600/1.2580. Longs need stops below 1.2550. A break lower is a sell signal targeting 1.2485/75. Longs at strong support at 1.2600/1.2580 target 1.2670/80 then first resistance at 1.2700/20 for profit taking before the weekend.
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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
20220321
