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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Identifying Winning Forex & Gold Trends – Techniques for Profitable Day Trading
US dollar index making a slow recovery in the sideways trend as we head towards strong resistance at 102.65/75. This may be an opportunity to sell the dollar pairs (eg buy EURUSD or sell USDCAD).
If you are short around 102.45/50 I think we will see a retest of 102.10/00 before too long. A break above 102.75 however can target 103.00/10.
A break below 102.00 targets 101.85/75 then 101.40/30. AUDUSD no sell signal despite overbought conditions so I remain a buyer on weakness.
Strong support at 6800/6790. Longs need stops below 6775.
Targets: 6825, 6850, 6885
NZDUSD support at 6190/80. A low for the day exactly here yesterday also. Longs need stops below 6165.
Targets: 6210, 6240, 6280.
Strong support at 6150/40. Longs need stops below 6125.
Targets: 6180, 6210 USDCHF first resistance at 8960/70, with a high for the day only 4 pips above here yesterday – Shorts need stops above 8980.
Targets: 8930, 8910
Strong resistance at 8990/9000. Shorts need stops above 9015.
Targets: 8965, 8940.
CADJPY first support at 106.40/30. Longs need stops below 106.15.
Better support at 105.75/55. Longs need stops below 105.35.
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Jason Sen, Director
https://www.daytradeideas.co.uk
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