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 lower to the next target of 6865/55 but a strong bounce from 6838 unexpectedly reached 6926. This only serves to emphasise the sideways trend, with a more positive hammer candle yesterday.
NZDUSD collapsed from resistance at 6215/25 hitting my next target of 6110/00 with a low for the day exactly here.
AUDUSD strong resistance at 6910/30. Shorts need stops above 6950.
Shorts at 6910/30 target 6865/55 & 6800/6780 this week. If we continue lower look for 6730/20 & even the July low at 6690/80.
NZDUSD shorts at first resistance at 6225/35 worked on the slide to 6160/50 & 6110/00. Further losses this week (are likely &) retest the July low at 6070/60.
A high for the day exactly at first resistance at 6160/70, although first resistance is higher at 6180/6200 today. Shorts need stops above 6210. Strong resistance at 6240/50. Shorts need stops above 6265.
USDJPY beat minor resistance at last week’s high of 137.60/70 to target 137.95 & 138.25/35, before reaching 139.00.
EURJPY remains in a sideways short term trend.
NZDJPY a low for the day exactly at first support at 8450/30 every day last week & this week!!
USDJPY meets key resistance at the July high of 139.20/40. Now we see if there is a double top in severely overbought conditions for a sell signal. Shorts need stops above 139.65. A break higher is a buy signal in the longer term bull trend initially targeting 140.60/80.
Minor support at 138.30/20 & again at 137.80/70.
EURJPY shot higher to 138.97. First resistance at 138.90/139.10. Shorts need stops above 139.30. A break higher is a buy signal targeting 140.40/50, perhaps as far as 140.85/95.
First support at 138.00/137.80. Longs need stops below 137.55.
NZDJPY first support yet again at 8450/30. Keep scalping it until it breaks! Longs need stops below 8400. A break lower targets 8340/30.
Longs at 8450/40 worked perfectly on the bounce to my targets of 8480/8500 & 8550. A high for the day exactly here. Further gains look likely towards 8610/20 with resistance at 8630/50.
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Jason Sen, Director