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.
Join Telegram https://t.me/daytradeideas
Forex Opportunities! Bullish outlook EURUSD & GBPUSD. Dollar in Trouble | Weekly Market Analysis
US dollar index stable for 2 days but 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.
AUDUSD longs on the break above 6720 & break above 6805 worked perfectly as we hit targets of 6830 & 6870.
On Friday I warned that we could reverse from the June high being severely overbought short term & the pair dropped over 60 pips. At this stage we remain in a 5 month sideways channel.
Best support at 6790/70. A low for the day exactly here yesterday. Longs need stops below 6760. A break above 6910 could be a buy signal for today targeting 6960/65 & even 7000 is not out of the question.
NZDUSD support at 6320/10. A low for the day exactly here yesterday. Longs need stops below 6290.
CADJPY broke support at 106.00/105.80 so the break below 105.50 was a sell signal targeting 104.95/85 for profit taking on shorts. Target was hit.
We then had a high for the day exactly at resistance at 105.70/90 on Friday & again yesterday. Shorts on a retest this week need stops above 106.05. A break below 104.65 this week is a sell signal targeting 104.40 & 103.80.
USDJPY – the bullish engulfing candle on Friday would usually signal a resumption of the longer term bull trend. However we meet strong resistance at 139.00/20. Unfortunately, yesterday we ran as far as 139.40 so my stop was too tight.
This is tricky but if we can hold above 139.30 I would take this as confirmation that we can trade higher (& I do think we will eventually although I cannot guess the timing) towards 140.20 & even 140.80. So if possible I would reverse in to a long at 139.20/00 with stop below 139.80.
A break below 138.40 however would kill my idea that we can trade higher.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk
Jason Sen, Director
https://www.daytradeideas.co.uk
20230718
