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.
USDJPY outlook remains positive although we are getting overbought at this stage so could trade sideways in a bull flag pattern in the short term Longs at first support at 138.40/20 targets 138.70/80, before a retest of 139.20/40. On a break higher look for 139.90/140.00 & 140.50/70.
We are still buyers on weakness in the bull trend with first support at 138.40/20. If we continue lower look for strong support at 137.60/40. Longs need stops below 137.25.
EURJPY retested strong resistance at 139.50/70 on Friday. Shorts need stops above 139.90. A break higher sees 139.70/50 acting as support for a buy signal targeting 140.50/70, perhaps as far as 141.30/40.
Shorts at strong resistance at 139.50/70 can target 138.60, perhaps as far as 138.20/10. Below 137.90 risks a slide to 137.30/20 with best support at 136.80/60. Longs need stops below 136.35. A break lower however is a sell signal targeting 135.90/80 & 135.30/20.
AUDUSD shorts at strong resistance at 6820/30 target 6780/70, probably as far as 6720/10. If we continue lower in the bear trend look for 6680 & 6630/20 this week.
Strong resistance at 6820/30. Shorts need stops above 6845. A break higher targets 6900/10.
NZDUSD shorts at strong resistance at 6180/90 targets 6150/40, perhaps as far as 6080/60. A break below 6055 can target 6030/20 perhaps as far as 5980/70.
Expect strong resistance at 6180/90. Shorts need stops above 6210. A break higher targets 6250/60.
Nasdaq establishing a sideways trend from what looks like 3 week trend line support at 11530/500 up to the 50 day moving average & 2 month trend line resistance at 12050/12150. A break above 12200 targets 12360/400. We should struggle to beat this level here but shorts may now be risky as we finally seeing the gains I was looking for at the start of last week. Above 12450 look for 12700/800.
3 week trend line support at 11530/500. On further losses today look for 11350/300. Strong support at 11000/10800 this week.
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Jason Sen, Director