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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NZDUSD severely oversold so a bounce is possible to minor resistance at 5975/85. Shorts need stops above 5995.
Strong resistance at 6015/25. Shorts need stops above 6040.
USDCAD longs at support at 1.3475/55 are working as we hit the first target of 1.3560. This week I look for 1.3595, 1.3640.
Minor support at 1.3520/10 1.3500.
Strong support at 1.3475/65 1.3445
AUDUSD may stabilise for a short period to ease severely oversold conditions but the trend is definitely negative. Although I would not try a long, a bounce to resistance at 6480/6500 is certainly possible.
Shorts need stops above 6510.
Targets: 6445, 6410
EURUSD resistance at 1.0930/50. Shorts need stops above 1.0970.
GBPUSD forms a 3 week descending triangle as I wait to see if the head & shoulders reversal pattern plays out on the daily chart.
Minor resistance at 1.2770/90 if you want to try a 50 scalp – shorts need stops above 1.2810.
Support at the neck line at 1.2635/15. So this is the key level.
A break below 1.2595 however will be an important longer term sell signal – I have my eye on it!
Strong resistance at 1.2815/35. Shorts need stops above 1.2855.
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Jason Sen, Director