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.
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NZDJPY resistance at 8555/75. Shorts need stops above 8590.
Targets: 8520, 8480.
CADJPY continues higher as expected but I have not managed to get us in to a long. I should have had us buying on a break above 102.90 so I will use this as a support today. Longs at 102.90/70, stop below 102.50.

EURJPY we unfortunately missed buying at first support at 149.75-65 by only 3 pips.
GBPCAD stuck in a 2 week range but longs at support at 167.60/40 worked last 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, 168.55, 168.80.
Resistance at 1.6880/1.6900. Shorts need stops above 1.6920.
Targets: 1.6845, 1.6820.
EURUSD collapsed as predicted on Sunday last week & finally hit my target & Fibonacci support at Fibonacci 1.0730/20, although we over ran to 1.0700.
On Friday as predicted we did recover a little to my first target of target 1.0750/60 with a high for the day exactly here.
No buy signal yet but a break above 1.0750/60 tests strong resistance at 1.0790/1.0810. I would try a short here with stop above 1.0830.
Longs at 1.0730/10 could be risky but if you try, stop below 1.0695.
A break below 1.0695 this week should be a sell signal & can target 1.0630, then 1.0600, perhaps as far as 1.0570.

GBPUSD bounced from just above good support at 1.2290/80 in severely oversold conditions which was as expected.
The pair beat minor resistance at 1.2360/70 but a short position at 1.2390/1.2400 worked perfectly with a high for the day exactly here & a nice tumble to my targets of 1.2340 & 1.2320. A low for the day exactly here in fact.
Could hardly have been more accurate on the levels for GBPUSD last week.
Again shorts at 1.2390/1.2400 should stop loss above 1.2420.
Targets: 1.2340 & 1.2320. I am not going to suggest a long as I think there is a good chance we will continue lower this week. Watch for a break below the 100 day moving average at 1.2290/80 to trigger further losses despite severely oversold conditions.

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Jason Sen, Director
https://www.daytradeideas.co.uk
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