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.
EURUSD minor resistance at 1.0200/10 then strong resistance at 1.0260/70. We also have strong resistance at 1.0310/20 & remember we are in a longer term bear trend – so sooner rather than later, the pair are expected to turn lower (exactly as we did yesterday).
First support at 1.0150/40. Longs need stops below 1.0130. A break lower is a sell signal targeting 1.0100, probably as far as 1.0070.
Emini S&P beat resistance at 3910/20 for a buy signal targeting 3960/70 (hit yesterday), perhaps as far as 3990/4000. A high for the day is likely at this stage, although shorts maybe risky. A break above 4020 is the next buy signal targeting a sell opportunity at 4080/90.
I have been waiting for this move since I predicted the low a month ago. The downside should be limited now with support again at 3920/10 of course. Longs need stops below 3890.
USDJPY longs at strong support at 137.60/40 reach 138.35 & almost 138.60 as the next targets. This offers a 100 pip profit & we DID struggle to beat this level as predicted. However shorts are too risky. Above 138.70 look for 139.00.
Minor support at 137.85/75 held perfectly yesterday but there is better support at 137.60/40 of course. Longs need stops below 137.25.
AUDUSD now meets strong resistance at 6905/15. Shorts need stops above 6935. A break higher however targets 6970/80, perhaps as far as 6995/99.
Shorts at strong resistance at 6905/15 target 6840/30 for profit taking. However if we continue lower (we are in a bear trend of course) look for 6780/70.
NZDUSD held 17 pips from strong resistance at 6290/6300. Shorts need stops above 6325.
First support at 6195/85. Longs need stops below 6165. A break lower is a sell signal targeting 6140 & 6100.
AUDJPY higher as expected & can target 9585/95 today. Further gains can retest the June high at 9675/85.
Good support at 9490/80. Longs need stops below 9460.
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Jason Sen, Director