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.
EURUSD shorts at strong resistance at 1.1130/50 hopefully worked on the collapse to 1.1070 & our ultimate target of 1.1030 on Friday. If we continue lower this week (as is likely) look for 1.1000. Expect support at 1.0960/50. A break lower is a sell signal.
Resistance at 1.1140/60. Shorts need stops above 1.1185 today!! A break higher is a buy signal targeting very strong resistance at 1.1230/50. Shorts need stops above 1.1270.
USDCAD held the 500 week moving average at 1.2420/00. Should be worth trying longs if we retest today, with stop below 1.2370.
A high for the day exactly at first resistance at 1.2530/50. Shorts need stops above 1.2565. A break higher targets a sell opportunity at 1.2600/20. Shorts need stops above 1.2640.
USDJPY outlook is more negative (although I repeat that we do not have a sell signal). Holding strong resistance at 122.50/70 targets 121.75/70 perhaps as far as the best support for today at 121.10/120.90. Longs need stops below 120.70. A break lower is a sell signal targeting 120.00/119.80. We should have strong resistance at 122.50/70. Shorts need stops above 122.90. A break higher can retest Wednesday’s high at 123.15/20.
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No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
Jason Sen, Director