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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US dollar index collapsed ahead of the Non farm payroll, unexpectedly breaking support at 103.90/70 & taking out the lows for the previous 5 days.
However on Friday we reversed & shot higher through first resistance at 103.80/104.00 so this was a bit of a non sense.
Key resistance at 104.00/104.10. So holding above here is a buy signal & holding below here is a sell signal for the start of this week. Obviously bulls need a break above last week’s high at 104.70 for another buy signal this week.
We should have strong support at 103.35/25.
AUDUSD totally confusing as we race back above what should have been resistance at the March & May low. I have no idea what to suggest at this stage.
NZDUSD strong resistance at 6135/45. shorts need stops above 6165.
Targets: 6090, 6050
USDCHF shorts at resistance at 9120/40 worked, taking profit at 9080.
Resistance again at 9120/40 but shorts need stops above 9160. A break higher is a buy signal, as long as we then hold above 9140/20 targeting 9180, 9220 & 9280.
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Jason Sen, Director