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.
AUDUSD reverses from resistance at 7230/50 breaking support at 7150/30 to target 7060/50, perhaps as far as 7030/20.
Resistance at 7145/55. Shorts need stops above 7180.
NZDUSD breaks support again at 6450/30 for a sell signal targeting 6360/50, perhaps as far as 6300.
Strong resistance at 6430/50 & shorts need stops above 6470. A break higher targets 6490/6500, perhaps as far as resistance at 6530/50.
EURUSD meets strong support at 1.0625/15. Longs need stops below 1.0595. A break lower is a sell signal targeting 1.0560/50, perhaps as far as 1.0520/10.
Longs at support at 1.0625/15 target 1.0675/85 for profit taking. Strong resistance at 1.0680/90 but shorts need stops above 1.0710.
USDCAD shorts at the sell opportunity at 1.2650/70 unfortunately stopped above 1.2685 as the pair soar 160 pips. We should meet strong resistance at 1.2725/45. Shorts need stops above 1.2765.
First support at 1.2660/40. Longs need stops below 1.2625.
Emini S&P JUNE collapsed 130 points from 4144. The break below strong support at 4050/40 targets 3990/80. On further losses look for 3960/55, perhaps as far as 3930/20.
First resistance at 4045/55. Shorts need stops above 4065. A break higher can target 4105/15.
Nasdaq JUNE breaks first support at 12410/370 & can target 12100/050, perhaps as far as 11900/850. Below 11800 look for 11600/550.
First resistance at 12400/450. Strong resistance at 12600/700. Shorts need stops above 12800.
Emini Dow Jones JUNE collapsed through 32800/700 & support at 32380/330 targeting 32050/000. Further losses are possible as far as 31750/650. We should have first resistance at 32350/450. Shorts need stops above 32550. A break higher can target 32750/800, perhaps as far as 32950/33000.
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Jason Sen, Director