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 soared as the US dollar collapsed, with the Fed printing more money to bail out depositors. The break above 6650/60 hit strong resistance at 6700/20. A high for the day exactly here. Shorts need stops above 6735. Our shorts are about 50 pips in profit. We are in a bear trend so it is tempting to run at least some of the position (although taking half the profit in these crazy volatile conditions is probably a good idea, especially with US CPI released today). A break below 6640 can target 6620, perhaps as far as the recent low at 6575/65.
NZDUSD initially held resistance at 6180/6200 for about 10 hours but there was little profit on shorts. The break higher did see 6200/6180 act as support for a buy signal targeting 6240/50 & almost as far as the March high at 6270/75. I think the bear trend will resume eventually but today’s direction will likely be determined by CPI.
Strong support at 6195/85. Longs need stops below 6170. Longs can target minor resistance at 6250/60. A break above 6275 can target 6310/20.
CADJPY: Unfortunately yesterday’s high was 14 pips below my sell level at 9820/40 before the pair hit my targets of 9720, 9660/50 & 9620/10. Well done if you ran shorts after the sell signal on Friday, with up to 200 pips profit on the table.
We have a 2 year trend line & 100 week plus 500 day moving average support at 9615/9595 as we become oversold on the daily chart. Longs need stops below 9560. A break lower is an important sell signal targeting 9480/60 for profit taking.
Longs at 9615/9595 can target 9700/10. A break above 9725 can target 9780/9800 today.
AUDJPY – just be aware that the pair are also testing a 15 year trend line & 100 week plus 500 day moving average support at 8790/80 as we become oversold on the daily chart. Longs need stops below 8740.
USDJPY collapsed through my buying opportunity at 135.60/40 for a sell signal targeting 134.80 & 134.20. The break below 133.80 was a sell signal targeting 133.10/00 & we fell as far as 132.27.
We are oversold short term & of course today’s move is going to be the reaction to the US CPI report. I would suggest we have strong support at 133.00/132.80. Longs need stops below 132.60. A break below 132.20 is a sell signal targeting 131.85, probably 131.25.
First resistance at 133.60/80. Shorts need stops above 134.10. A break higher targets 134.80, perhaps as far as 135.10/20.
EURJPY shorts at strong resistance at 144.00/20 needed stops above 144.35. The high was 144.38. I hope you managed to hold the short for the collapse to my targets of 143.20/10 & strong support at 142.70/50 for up to 150 pips profit. Longs here were stopped below 142.30.
NZDJPY I wrote that we had best support at 8250/30 this week. Longs needed stops below 8215. We spiked down to 8195 before a jump to 8320 so my levels were not accurate enough. I am going to take a level from the weekly chart. 23.6% Fibonacci support at 8185/80 & the 100 week plus 500 day moving average at 8140/35.
This is the important support area if we see further losses this week. A break below 8100 therefore is a sell signal. Minor resistance at 8310/30. A break higher can target 8360 & strong resistance at 8390/8400. Shorts need stops above 8420.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk
Jason Sen, Director
https://www.daytradeideas.co.uk
20230314
