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 stuck in a sideways consolidation from 104.70 down to strong support at 103.35/25. A low for the day exactly here again yesterday but this time with an excellent 50 pip bounce.
Resistance at 103.80/90. A break above 104.00 is a buy signal for today & allows a recovery to 104.60/70.
AUDUSD first support at 6730/20. Longs need stops below 6705.
Strong support at 6650/40. Longs need stops below 6620.
NZDUSD shorts at strong resistance at 6135/45 are working as we reverse to 6105.
Targets: 6090, 6050, 6030
Today shorts at 6135/45 need stops above 6165.
A break below 5980 should be a sell signal in the longer term bear trend.
USDCHF we can try shorts at the resistance area at 9120/40 with stop above 9160. (A bounce yesterday held just 10 pips below this level).
NZDJPY support at 8500/8480. Longs need stops below 8460.
Targets: 8530, 8560
CADJPY support at 104.00/103.90. Longs need stops below 103.65.
Targets: 104.35, 104.70.
Strong support at 103.40/30. Longs need stops below 103.10.
Targets: 103.90, 104.30, 104.60
AUDJPY try a long at 9320/00. Longs need stops below 9285. Better support at 9250/30. Longs need stops below 9215.
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Jason Sen, Director