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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USDJPY if you managed to hold longs at strong support at 145.10/144.90 from Friday or jump in early yesterday the pair shot higher to targets of 145.65 & 146.00 as we look for 147.00.
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.
Strong support at 1.3475/65. Longs need stops below 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 6460/80 is certainly possible. Shorts need stops above 6510.
Targets: 6430, 6380 EURUSD strong resistance at 1.0935/50. Shorts need stops above 1.0970. Targets: 1.0890, 1.0860
EURCAD made a high for the day exactly at strong resistance at 1.4780/1.4800. Shorts need stops above 1.4820. A break higher should be a buy signal targeting 1.4870/80. AUDCAD strong resistance at 8730/50. Shorts need stops above 8765. Targets: 8690, 8660, 8630.
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Jason Sen, Director