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.
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We wrote: US dollar index holding support at 103.00 keeps the outlook positive in what I believe is the start of a bull run. Although we failed to beat last week’s high at 103.60/65 I doubt this will form a double top & eventually we will a break higher to target resistance at 103.95/104.05.
This has played out exactly as predicted as we hit 104.00 as I write.
A break above 104.20 is needed for the next buy signal.
Any correction to the downside meets support at 103.55/35, so if you are not long the dollar yet, you could for example try to sell EURUSD if this level is hit in the index.
AUDUSD has broken to the downside as expected. With hind sight I should have had us selling a break below 6560, but this has been so horribly range bound for over 2 months I wanted to wait for confirmation & the close of a daily candle.
Now that we have it, I would be a seller on a bounce to 6560/80, with stop above 6605.
FINALLY THIS IS A SWING TRADE OPPORTUNITY. We could drop up to 200 pips from 6560/80 – so hold shorts initially targeting 6500/6490 & 6450/40, perhaps as far as 6400/6390.
USDCHF is headed higher as predicted although we have not had a chance to buy in to longs. We are overbought short term so perhaps we can see a small correction to support at 9010/900. Longs need stops below 8990.
CADJPY support at 101.70-50. Longs need stops below 101.30.
Targets: 102.10, 102.60
EURJPY up one day, down the next day in the 1 week sideways trend, so it is only of use to scalpers as we hold a 130 pip range.
Minor support at 149.50/40. Longs need stops below 149.30.
Strong support at 148.75/55. Longs need stops below 148.30.
GBPCAD longs at support at 167.60/40 worked this week on the bounce to my target of 168.55.
Try longs again at support at 167.60/40 – stop below 167.10.
Targets: 168.20, 168.50, 168.90.
EURUSD shorts at strong resistance at 1.0830/40 worked perfectly as we break last week’s low at 1.0768/58 as predicted. I hope you have managed to hold the short position this week as we now target Fibonacci support at 1.0730/20 for profit taking.
EURCAD made a high for the day exactly at resistance at 1.4635/55. Shorts need stops above 1.4670.
Targets: 1.4600, 1.4570.
USDCAD has broken out of the range for a buy signal but overbought short term so a correction to a buying opportunity at 1.3550/30 is possible – longs need stops below 1.3515. GBPUSD shorts at resistance at 1.2445/65 worked perfectly with a high for the day at 1.2469 & a 130 pip collapse to 1.2340 (hitting my first target of 1.2360) as we look for my next target of 1.2320.
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Jason Sen, Director