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.
EURUSD going nowhere last week as I suspected so that has meant buying at strong support at 1.0975/55 (a low for the day here on Friday) & selling at resistance at 1.1080/1.1100 has worked.
Keep trading these 2 levels until we breakout of the 100 pip range.
Shorts at 1.1080/1.1100 need stops above 1.1105. A break higher is a buy signal & resumes the 7 month bull trend. Try to buy in to a long & hold it with stops below 1.1065.
Strong support at 1.0975/55. Longs need stops below 1.0935. A break lower targets 1.8080/70.
EURCAD I was watching for a double top sell signal – this did play out on Friday as the pair collapsed almost 200 pips, as far as strong support at 1.4800/1.4780. We unexpectedly broke lower to 1.4732. The close at the low of the week after a near 400 pip collapse in just 2 days suggests further losses to 1.4690/70, perhaps as far as a buying opportunity at 1.4600/1.4580. Longs need stops below 1.4560.
EURNZD has collapsed to what should be strong support at 1.7500/1.7480, with a low for the day just 10 pips below here. Longs need stops below 1.7450.
Targets are 1.7610 & 1.7700.
GBPUSD trying the third break higher – maybe this one will work. Support at 1.2605/1.2585 if you want to try a long with stop below 1.2565.
GBPCAD has a potential double top sell signal after Tuesday’s bearish engulfing candle at the November 2022 high. This could give us an opportunity to try a short on the bounce we saw on Friday at 1.7060/80. However shorts need a wide stop above 172.45. It could be worth the risk because the first target is 167.20 but 164.00 is not out of the question.
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Jason Sen, Director
https://www.daytradeideas.co.uk
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