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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Forex Opportunities! Bullish outlook EURUSD & GBPUSD. Dollar in Trouble | Weekly Market Analysis
In this week’s market analysis, Jason Sen, a prominent day trader and technical analyst, delves into the latest trends and potential trading opportunities. He begins by reviewing gold’s recent price action, highlighting a bullish pattern and buy signal that led to a $35 surge. Next, he examines the US Dollar Index, indicating a potential correction to the downside. He emphasizes the clear trends in #EURUSD and #GBPUSD, predicting potential buy signals for the Euro and a significant surge in the Pound. Lastly, he evaluates #USDCHF, expressing a bearish outlook for the dollar against the Swiss Franc. This analysis provides valuable insights and potential trading opportunities for Forex enthusiasts.
US dollar index holding below the lower end of the 6 month range at 100.75/80 keeps the outlook negative for this week. We continue lower to 9964 & outlook remains negative as we look for 9900/9890, perhaps as far as 9830/25.
USDCAD unexpectedly soared to win back almost all of Thursday & Friday’s steep losses. I would not have expected that. Now we have a bullish engulfing candle & almost a double bottom buy signal. Strong resistance at 1.3260/80. Shorts need stops above 1.3300. A break above 1.3300 is an important buy signal for this week.
EURUSD break above 1.0900 was a buy signal to hit the target 0f 1.0990/1.1000. Holding above here saw us target 1.1050/55 & the 2023 high at 1.1075/95. We hit my next target of 1.1180 yesterday.
The pair are overbought as we test a rising trend line going to back to September at 1.1230/40.
I think a short is too risky & I do see further downside risks for the US dollar. A break above 1.1250 should be a buy signal for today targeting 1.1275. If we dip today I would try a long at 1.1150/40 with stop below 1.1130.
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Jason Sen, Director
https://www.daytradeideas.co.uk
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