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.
AUDUSD we will stick with buying at support until it looks like we have a sell signal. Good support at 7065/60 (although we did not reach here yesterday). Longs need stops below 7045. Target is 7115/20 then 7160/65.
A break below 7045 however risks a slide to to strong support at 7010/00. Longs need stops below 6985.
NZDUSD trading in a range between my 2 levels with resistance at the December/ January high at 6515/30 & first support at 6450/40. Longs need stops below 6430. A break lower can target support at 6400/6390. longs need stops below 6375.
Longs at 6450/25 can target 6495 before resistance at 6515/30 again today. Stop above 6850. A break higher is a buy signal. Use 6530/20 then as support, targeting 6610/20.
AUDJPY longs at 9200/9180 worked perfectly as we held a low of 9160 after the bullish breakout buy signal & we shot higher to my target of 9280/9300 for a quick 80 pip profit. We can try this trade again today.
Be ready to buy a break above 9300 looking for 9400 for profit taking.
USDJPY shorts at first resistance at 130.70/90 worked perfectly as the pair quickly collapsed to my target of 129.35/15, although we only reached 129.48 as I write over night. Still a nice 100 pip profit. A bounce from is possible this morning but a break below 129.00 can target 128.80, perhaps as far as 128.40/30.
Any recovery meets strong resistance again at 130.70/90. Shorts need stops above 131.15. A break higher should target 132.40/45, perhaps as far as strong resistance at 132.70/133.00. Shorts need stops above 133.30.
EURJPY in a 1 month sideways range with upper trend line resistance at 142.60/80 & lower trend line support at 138.40/20. Not much else I can say at this stage.
NZDJPY shorts at strong resistance at 8460/80 worked perfectly this week hitting my targets of 8400/8390 & 8355/35 for up to 100 pips profit.
A bounce seen yesterday as expected & we meet strong resistance again at 8460/80 today. Shorts need stops above 8520. A break (& weekly close for confirmation) above here is a buy signal & can target 8590 then 8630.
A break below 8330 risks a slide to towards strong support at the lower end of the range at 8100/8080. Longs need stops below 8050. A break lower is a sell signal initially targeting 7960/40.
EURUSD struggling to make gains this week as we approach 4 month rising trend line resistance at 1.0980/90 in severely overbought conditions. A break above here however is a buy signal targeting 1.1080/90.
Minor support at 1.0870/60 then strong support at 1.0830/10 – longs here today need stops below 1.0800. Targets are 1.0860, 1.0880, perhaps as far as 1.0910.
USDCAD breaks short term trend line support at 1.3340 so holding below here is a sell signal & we can target 1.3230.
EURCAD longs at at 1.4550/30 were stopped below 1.4510 so holding below resistance at 1.4540/60 targets 1.4490/80, perhaps as far as 1.4430/20.
Shorts need stops above 1.4600.
GBPUSD trades sideways with an unexpected recovery to 1.2418. Now I must wait to see if we break above 1.2455 for a buy signal for this week.
Or wait for the sideways trend to develop so I have some tradeable levels.
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Jason Sen, Director