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 for the last 2 days so obviously this is key to direction again today. Shorts need stops above 673. A break higher sees 6710/00 act as support to target very strong resistance at 6770/90. Shorts need stops above 6810.
Shorts can target 6660 & 6640/35. If we continue lower look for 6620, perhaps as far as the recent low at 6575/65.
NZDUSD broke higher for a buy signal targeting 6240/50 & almost as far as the March high at 6270/75. We should have strong resistance at 6250/70. Shorts need stops above 6280. A break higher is a buy signal targeting 6310/20, perhaps as far as 6360/70.
Strong support at 6195/85 held yesterday with a low for the day just 4 pips above.
Longs here today need stops below 6170. Longs can target minor resistance at 6250/60. A break above 6275 can target 6310/20.
CADJPY higher to 9780/9800 & as far as 9870. Above here look for 9900/10. Above 9920 can target 9950. Minor support at 9720/00. 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.
AUDJPY also meet 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.
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Jason Sen, Director