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.
Silver broke key support at 2050/45 for an important sell signal with steep losses as predicted to 2000 & 1950/45 & a low for the day. Gains are likely to be limited with some resistance at 1995/2000. Further gains obviously meet strong resistance at 2035/45.
Further losses are expected eventually to 1900, perhaps as far as 1880/60.
WTI Crude AUGUST made it back above 106.30 for a recovery to strong resistance at 108.00/50. We reached as far as 109.34 before closing at this level. So, holding above 108.50 is positive for today targeting first resistance at 110.00/50. Shorts need stops above 111.00. A break higher targets 112.50/113.00.
Holding below 108.00 is less positive & risks a slide to important 100 DMA support at 106.50/00. Below 106.00 risks a retest of 104.50/104.00.
USDJPY failure to hold above 137.25 risked a slide to my targets of 135.80/60 & 135.00/134.80, which was hit with a low for the day here. A break lower this week initially targets 134.30/20, pad 133.80/70.
First resistance now at 135.65/85. Shorts need stops above 136.00.
EURJPY lower as expected to my 139.80/50 target, with a low for the day here. Obviously, this is key support for this week. A break lower however targets 138.80/70. If we continue lower look for 138.00/1.37.80.
The 125 pip bounce on Friday reached 141.11 with first resistance at 141.40/60. Strong resistance at 141.85/142.00. Shorts need stops above 142.15.
NZDJPY breaks support at 8455/35 for a sell signal targeting 8320/10 with a low for the day on Friday. Gains are likely to be limited with first resistance at 8390/8410. Strong resistance at 8440/50 & shorts need stops above 8470.
Eventually we are expected to retest 8320/10. This may hold for a while but eventually we could head towards strong support at 8280/70, perhaps later in the week.
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Jason Sen, Director