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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Weekly Forex Forecast: Dollar & Yen Analysis | Key Levels & Trade Ideas
US dollar index creeping back up to strong resistance at 100.75/95 in the 10 month negative trend. Bulls need the market to clear 101.15 & hold above here to target 101.80/102.00.
USDJPY higher as expected to my target of 140.80 but we rocketed another 115 pips on the inflation data. Minor resistance at 142.00/20. A short would not be a good idea on the bull trend but if we hold here it could trigger profit taking to 141.20/00.
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 did correct lower as expected to my target & buying opportunity at 1.1140/20. We over ran a little to 1.1106. Going to use a stop at 1.1090 this time to give it a bit of room.
A break lower however risks a slide to the next buying opportunity in the 10 month bull trend at 1.1040/20.
GBPUSD hit my target & support at 1.2840/20 with a low for the day just 6 pips below. Still hopeful for a recovery in the bull trend & we are severely oversold in the short term. Longs need stops below 1.2795.
Targets: 1.2890, 1.2935
USDCHF has broken to the downside & could fall significantly. Resistance at 8760/70
EURJPY beat strong resistance at 156.10/30 for a buy signal. I notified you at about 8.20am yesterday. We then shot higher to the target of 157.00 & we have another buying opportunity at 156.30/20 this morning. Longs need stops below 156.00. Targets: 157.00 & 157.50
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
20230724
