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.
EURNZD longs can be tried again on a retest of 1.7320/00 (a low for the day just 3 pips above on Friday) & need stops below 1.7290. A buying opportunity at 1.7230/10. Longs need stops below 1.7190.
A break lower meets a buying opportunity at 1.7220-00. Longs need stops below 1.7180. GBPCAD retested support at 1.6685/65 on Friday but did not bounce. We have a potential double top after holding the December high last week. It also looks like we are completing a short term head & shoulders pattern. Holding below 1.6675/85 I see as a sell signal for Monday. Shorts need stops above 1.6710. Targets are 1.6610 & 1.6560 perhaps as far as a buying opportunity at 1.6480/50.
Gold on Friday I suggested that Gold is forming a sideways consolidation trend, looking like a bull flag to me. A break below 1964/60 today can target a buying opportunity at 1935/31.
Silver short term chart.
Silver beat strong resistance at 2340/50 for a buy signal targeting 2400/10. A high for the day only 6 ticks above. We have a 2 year downward sloping trend line at 2420/30 so this is key to direction for today. Shorts need stops above 2450. A break above here is an important longer term buy signal for silver initially targeting 2510, 2580 & 2610 Shorts at 2420/30 can target first support at 2355/50. A low for the morning is likely & we could bounce back to 2410/20 so scalp these levels as long as they hold. However a break below 2340 meets a buying opportunity at 2320/10. Longs need stops below 2295. A break lower is a sell signal for this week targeting initially 2255/45.
Silver weekly chart.
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Jason Sen, Director
https://www.daytradeideas.co.uk
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