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 broke support at the lower end of the channel at 6660/40 for a medium term sell signal with a high for the day exactly at resistance at 6640/60 to try a short on Friday – the pair collapsed to 6571 (a pip away from my 6670 target), which did offer a 70 pip profit.
However this market is very choppy & we saw a steep bounce back to 6619 by the close.
Strong resistance at 6620/30. Shorts need stops above 6645. Resistance again at 6670/80. Shorts need stops above 6695.
CADJPY shot higher by 250 pips to retest strong resistance at 100.30/60. A high for the day here but the close at the high of the day is likely to lead to further gains on Monday.
Holding above 100.60/50 can target the March high at 100.88 then the December high at 101.30/40. Longs need stops below 100.25.
EURUSD made a low for the day at strong support at 1.0975/55. Longs here again today need stops below 1.0940. A break lower is a sell signal which targeting 1.0880/70.
Our longs were offered 80 pips on the bounce to 1.1044. Further gains meet resistance at 1.1080/1.1100. Shorts need stops above 1.1105. A break higher is a buy signal & resumes the 7 month bull trend.
USDCAD collapsed & wiped out Tuesday’s strong gains. We are stuck in a 6 month, 300 pip range from 1.3320/1.3300 up to 1.3630/50. EURCAD wiped out Wednesday’s strong gains but we are still in an 8 month bull trend so for now I will attempt to buy at support levels. Minor support at 1.4910/00. Below 1.4885 risks a slide to 1.4850 & perhaps as far as strong support at 1.4800/1.4780. Longs need stops below 1.4755.
GBPUSD beat resistance at 1.2525/45. We have had a couple of failed breakouts in April, but there is a good chance this is the one that triggers a move towards 1.2750.
Support at 1.2545/25. Longs need stops below 1.2500. If you buy a break above Friday’s high of 1.2583 look for the first target of 1.2650/70.
GBPAUD break above 1.8715 was our buy signal – longs are working nicely as we hit my next target of 1.9030. Now I am looking for 1.9170, perhaps as far as 1.9220.
Longs need stops below 1.8930.
GBPCAD break above 1.6855/65 was our a buy signal targeting 1.7000/20, which was hit this week & outlook remains positive. We can target 1.7090 & 1.7135.
We should have support at 1.6960. Further support at 1.6935/25. A break below 1.6910 however risks a slide to strong support at 1.6865/45. The AUDCAD should have strong resistance at 9080/9090. Shorts need stops above 9120. A break higher can target resistance at 9175/85.
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Jason Sen, Director