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.
Gold collapsed from resistance at 1811/15 targeting 1802/00, 1786/83, 1763/60, 1755/53 & 1745. We fell as far as 1732. Further losses are expected this week targeting 1720, 1700 & 1690/85.
Again gains are likely to be limited in the bear trend with minor resistance at 1748/55 & strong resistance at 1765/70. Shorts need stops above 1775.
Silver broke key support at 2050/45 for an important sell signal with steep losses as predicted to 2000, 1950/45, 1900 & almost as far as key support at 1880/60 as we become oversold. Longs need stops below 1850. A break lower is a sell signal targeting 1810/00 then 1775/65.
Holding key support at 1880/60 (try longs if you feel brave in the bear trend) targets 1935/40, perhaps as far as 1960/65 for profit taking.
EURUSD crashed through the triple bottom low at 1.0360/50 for a sell signal & fell another 300 pips to my targets of 1.0200, 1.0120/10,1.070/60 & 1.0030/20. A V shaped recovery saw the pair close slightly higher on the day. This signals sideways action at the start of this week, although gains are likely to be limited with first resistance at 1.0190/1.0210. Shorts need stops above 1.0230. A break higher targets 1.0265/80.
Shorts at resistance at 1.0190/1.0210 target 1.0150/40 before a retest of 1.0020/10, which is obvious psychological support, being parity with the dollar.
USDCAD first support at 1.2960/50 just held again on Friday. Longs need stops below 1.2920. A break lower is a sell signal targeting 1.2880/60 then 1.2830/20.
1 year trend line resistance at the June high of 1.3060/80. Shorts need stops above 1.3100. A BREAK HIGHER IS AN IMPORTANT BUY SIGNAL. A 200 pip plus move could follow.
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