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 lower as expected this week to hit very strong support at 6800/80. A low for the day exactly here. Longs need stops below 6760. A break lower is a sell signal of course, targeting 6725/20 today.
First resistance at 6850/60 – shorts need stops above 6880. Target is obviously 6800 for profit taking.
NZDUSD made a high for the day at resistance at 6240/50 as we trade sideways. Shorts need stops above 6275. A break higher can target 6320/25.
Expect strong support at 6185/75. Longs need stops below 6150. A break lower is a sell signal.
AUDJPY stuck in an 8 day range , holding within the range of 14th February, which was 9164 – 9304 – so we at least need a breakout of this range to see some movement.
Support at 9195/75. Longs need stops below 9155. A break to the downside can target 9080/70.
Targets are 9230 & 9270.
A break above the 200 day moving average at 9310/20 should be a buy signal targeting 9375/80.
USDJPY longs at buying opportunity at 134.10/133.90 worked perfectly as we edge slowly in the right direction to reach 135.22. If we continue higher this week (I do believe we are resuming the longer term bull trend as you know) look for 135.45/55 then 136.00.
However yesterday’s inside day is not helpful at this stage!
A buying opportunity again at 134.10/133.90. Longs need stops below 133.75. Much better support at 133.20/00. Longs need stops below 132.75.
EURJPY held 20 pips above support at 142.95/75 then finally hit my target of 144.00/20, with a high for the day exactly here. Further gains are possible to 4 month trend line resistance at 144.60/70.
First support at 143.10/142.90 with a low for the day exactly here yesterday. Longs need stops below 142.70. A break lower sees 143.05/15 act as resistance to target 142.40, perhaps as far as 142.00/141.90 for profit taking on shorts.
NZDJPY remains in a tight sideways range – only useful for scalpers. Resistance again at 8450/80. A break above 8510 therefore should be a buy signal.
Shorts at 8450/80 can target 8400/8390 & 8370/60, perhaps we can fall as far as 8310/8290 eventually.
EURUSD broke support at 1.0690/70 as expected for sell signal targeting 1.0600. At last we hit this target, with a low for the day exactly here, but outlook remains negative. Although there is minor support at 1.0590/1.0570. So a break below 1.0560 is the next sell signal.
Gains are likely to be limited with minor resistance at 1.0650/60. Shorts need stops above 1.0670.
A sell opportunity today at 1.0700/1.0720. Shorts need stops above 1.0735. A break higher can target resistance at 1.0770/80.
USDCAD tests 4 month trend line resistance at 1.3570/90. Shorts need stops above 1.3610. A break higher is a buy signal targeting 1.3700.
Shorts at 4 month trend line resistance at 1.3570/90 can target 1.3535 & 1.3490/80 for profit taking.
Dollar Index breaking above a 3 month bear trend line with completion of a bull flag – so I think we have another buy signal for the dollar as longs as we hold the trend lines at 103.60/40.
Immediately targets for the dollar index are 105.15 & 105.80.
EURCAD I am going to wait to see if a head & shoulders forms.
A high for the day exactly at the 50 day moving average at 1.4440/50 helps this pattern to develop as I stated yesterday, therefore so far this pattern is starting to play out. A break below support at 1.4230/20 will be the sell signal targeting 1.4150 & 1.3980.
CADJPY now has a small double top as we trade sideways for a week. We made a low for the day exactly at support at 9830/20. A break below 9920 can target a buying opportunity at 9840/20. Longs need stops below 9800.
GBPUSD longs at strong support at 1.1960/40 worked with the bounce from 1.1920 hitting the target & minor resistance at 1.2020/30 for profit taking.
A high for the day at strong resistance at 1.2130/50.
Our shorts here can target 1.2070, perhaps as far as 1.2030/20 for profit taking.
Strong support again at 1.1960/40.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email email@example.com
Jason Sen, Director