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.
AUDJPY bounced to my sell opportunity at 8755/75. Shorts need stops above 8795.
Targets for shorts are 8710/00 then 8620/00 for profit taking on shorts. A break below 8580 can target 8480/70.
GBPUSD bounce from strong support at 1.2220/00 hit my targets of 1.2250 & 1.2290. Further gains are possible to last week’s high at 1.2335/45.
Strong support again at 1.2220/00. Longs need stops below 1.2180. A break lower can target a buying opportunity at 1.2140/20.
The long GBPAUD trade at 1.8240-20 worked perfectly as we hit 1.8400 but we are likely to continue higher , perhaps as far as 1.8500 (missed by only 7 pips yesterday).
A buying opportunity at 1.8320/00. Longs need stops below 1.8290.
GBPCAD should have support at 1.6795/75. Longs need stops below 1.6760. (We held a pip above here yesterday). A break lower can target 1.6740/35 then strong support at 1.6685/65. Longs need stops below 1.6640.
EURNZDUSD should have strong support at 1.7320/00. Longs need stops below 1.7290. A buying opportunity at 1.7230/10. Longs need stops below 1.7190.
EURAUD strong support at 1.6030/10. Longs need stops below 1.5985.
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Jason Sen, Director