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 broke first support at 1.0690/70 to hold 5 pips above the next target of 1.0620/00. Longs here today need stops below 1.0590. A break lower is a sell signal targeting 1.0575/65, perhaps as far as 1.0520/15.
First resistance at 1.0675/95. Shorts need stops above 1.0705. Further gains target 1.0740/45 before a retest of 1.0780/85. Strong resistance at 1.0800/20. Shorts need stops above 1.0835.
USDCAD has bounced to 1.2660/70. We should struggle to beat this level but if we continue higher look for a sell opportunity at 1.2700/1.2720. Shorts need stops above 1.2740.
Holding 1.2660/70 sees a retest of 1.2620/05. A break below 1.2595 risks a slide to 1.2565/55, perhaps as far as 1.2525/20.
AUDUSD made a high for the day exactly at strong resistance at 7230/50. Shorts need stops above 7270.
We held just 9 pips above minor support at 7145/40, but the best support today is at 7140/30. Longs need stops below 7115. A break lower is a sell signal targeting 7080/70, perhaps as far as 7030/20.
NZDUSD collapsed from 6565/70 as expected to make a low for the day at first support at 6490/70 again yesterday. Longs need stops below 6460. A break lower targets 6450 then 6435/25, perhaps as far as strong support at 6410/00. Longs need stops below 6385. First resistance at 6530/50. Shorts need stops above 6570. If we continue higher look for 6620/30.
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Jason Sen, Director