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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Today’s trade ideas:
I have sat & watched USDCAD bounce around & retest the break point of the trend line over the past month – I think it is now worth trying a long again at 1.3670/50, with stop below 1.3625.
As a trend follower I have to try an AUDUSD long in the hope that this is bullish breakout of the 3 month consolidation pattern. The break above the trend line, 23.6% Fibonacci & 100 day moving average at 6470/90 should be a buy signal.
AUDJPY breaks above the early November high & more importantly the 5 month high set in June at 9767 for a buy signal. As we retreat for a retest of the break point, I have to try a long at 9775/55.
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Jason Sen, Director