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.
AUDUSD broke first support at 7540/20 for a sell signal targeting 7455/45 & probably as far as strong support at 7400/7390. Longs need stops below 7370. Sell at 7190/7510. Shorts need stops above 7520.
NZDUSD breaks support at 6920/10 to target support at 6850/40, perhaps as far as strong support at 6790/80. Longs need stops below 6760. Sell at 6910/30. Shorts need stops above 6945.
EURUSD continues lower as expected breaking support at 1.0960/50 for a sell signal targeting important 5 year trend line support at 1.0850/20. A low for the day exactly here on Friday to form a potential double bottom buy signal. Longs need stops below 1.0780. Longs at 1.0850/20 target 1.0900 then 1.0930/40. Minor resistance at 1.0960/80 for profit taking perhaps but shorts are too risky now.
USDCAD made a high for the week at my sell opportunity at 1.2590/1.2610. Shorts need stops above 1.2625. A break higher however targets strong resistance at 1.2650/70. Shorts need stops above 1.2680. Our shorts at 1.2590/1.2610 target 1.2525/05, perhaps as far as 1.2480/70. We have another buying opportunity at 1.2440/10. Longs need stops below 1.2370. A break lower is an important medium term sell signal.
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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