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
Gold hit my buying opportunity at 1952/48 with a bounce from 1945. Then we wrote: Looks like we are forming a bull flag with upper trend line at 1957/59 so a break above 1960 should be a buy signal for today targeting 1970/1973. Above here look for 1981/83.
There has been no excuse to miss buying Gold from the 1930/35 area (which I also posted in last week’s video and then again at 1952/48. Even buying on the break above 1960 was suggested yesterday.
I have made it very clear exactly when to enter throughout the last week & finally we hit my targets of 1970/73 & 1981/83. If you had run longs from my first buying opportunity at 1935/30 you have a full 2.5% move in Gold & the $50 move for a huge profit.
We are overbought at this stage so I have taken profits at 1983 & I will see if there is a downside correction for another buying opportunity. Strong support at 1968/63 for today’s buying opportunity with stop below 1959.
EURJPY hit strong resistance at 156.20/40. A high for the day exactly here yesterday. I would lower the sell level to 156.10/30 if you are not already short from yesterday – Shorts need stops above 156.45.
We can try a long again at strong support at 153.60/40 this week with stop below 153.20. NZDUSD broke support at 6320/10 but should find a better buying opportunity at 6280/60.
USDCAD strong resistance at 1.3260/80 (not quite there yet). Shorts need stops above 1.3300. A break above 1.3300 is an important buy signal for this week.
EURUSD we wrote: break above 1.1250 should be a buy signal for today targeting 1.1275.
A high for the day exactly here.
I think there is a good chance of a small downside correction & if you want to try a short you can stop above 1.1285. Now it could be worth the risk with a potential target of 1.1140/20, which should also be a good buying opportunity.
However be ready to buy a break above 1.1290 targeting 1.1370/80, perhaps as far as 1.1450.
EURNZD longs at support at 1.7560/40 worked perfectly as we hit my targets of 1.7630, 1.7680 then 1.7740. We even reached as far as 1.7930
Strong support again at 1.7570/50 – Longs need stops below 1.7520.
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Jason Sen, Director
https://www.daytradeideas.co.uk
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