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 again holds important 5 year trend line support at 1.0850/20. A low for the day exactly here & at the March low leaves a potential double bottom medium term buy signal now as I suggested yesterday. Longs need stops below 1.0790. A break lower meets 37 YEAR TREND LINE SUPPORT AT 1.0760/20. Longs need stops below 1.0670.
Longs at 1.0850/20 target 1.0900 then 1.0930/40 (a high for the day exactly here on Monday). Further gains are possible to minor resistance at 1.0960/80.
USDCAD our shorts at 1.2650/70 target 1.2610/1.2590 & 1.2525/05 today. If we continue lower look for 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.
Obviously strong resistance at 1.2650/70. Shorts need stops above 1.2690. A break higher is a medium term buy signal.
GBPCAD bounces to ease severely oversold conditions as predicted. Strong resistance at 1.6460/80 certainly doing it’s job so far this week. However if we continue higher expect very strong resistance at 1.6560/80.
Minor support at 1.6410/00. Further losses can retest 1.6315/1.6295.
Holding 7630 sees us break minor support at 7550/40 to target 7500/7480. Although this may hold the downside initially I think longs are too risky now. On a break lower look for 7430/10. Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email email@example.com
Jason Sen, Director