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 again yesterday. Longs need stops below 6760. A break lower is a sell signal of course, targeting 6725/20 today.
Our longs now target first resistance at 6850/60 for profit taking – shorts here need stops above 6880. Target is obviously 6800 for profit taking.
USDJPY longs at buying opportunity at 134.10/133.90 worked perfectly as we edge slowly in the right direction to reach 135.36 but not enough to hit my target of 135.45/55.
The pair reversed to retest my buying opportunity at 134.10/133.90. A low for the day exactly here. Longs need stops below 133.60. Much better support at 133.10/132.90. Longs need stops below 132.70.
Our new longs at 134.10/133.90 have already reached 134.60. |Above 134.80 can retest 135.20/30. On a break above 135.40 look for 135.80/90.
EURJPY broke first support at 143.10/142.90 for a sell signal & we did bounce to 142.91 before hitting the downside target of 142.40, but not quite as far as 142.00/141.90 for profit taking on shorts. A low for the day 14 pips above here as I write.
EURUSD broke support at 1.0690/70 as expected for sell signal targeting 1.0600 with a low for the day exactly at minor support at 1.0590/1.0570. So a break below 1.0560 is the next sell signal targeting 1.0510/00.
I would not be surprised to see a bounce from 1.0590/1.0570 to minor resistance at 1.0640/50. Shorts need stops above 1.0660. A break higher can target 1.0680/90 today.
USDCAD tests 4 month trend line resistance at 1.3570/90 with a high for the day exactly here. 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 (hit yesterday) & 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. The break below 9920 did not hold yesterday, but if we do make the break today we can target a buying opportunity at 9840/20. Longs need stops below 9800.
GBPUSD made a high for the week at strong resistance at 1.2130/50.
Our shorts here worked perfectly as we hit 1.2030/20 for profit taking. Strong support again at 1.1960/40.
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Jason Sen, Director