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 holding below (what I think is a bear flag with lower trend line at) 6440/50 is negative for today targeting 6380/60. A break below 6350 is a sell signal targeting 6255/50.

First resistance at 6440/50. Above 6470 can retest strong resistance at 6540/60. Again shorts need stops above 6575. A break higher is a buy signal targeting strong resistance at 6655/75. Shorts need stops above 6700.

NZDUSD appears to have broken the lower trend line of a 1 month bear flag pattern at 5700/5690. So holding below this resistance today keeps the outlook negative in the longer term bear trend, risking a retest of 5580/60 September lows. A weekly close below here is an obvious sell signal for next week.

Shorts at 5690/5700 need stops above 5720. A break higher can retest strong resistance at 5770/90. Shorts need stops above 5820! A weekly close above ere is a buy signal for next week.

AUDJPY broke support at 9365/45 to hold just above Monday’s low at 9265/45 in an erratic & volatile sideways pattern. Holding below 9300 risks a slide to 9265/45 before a retest pf the September low at 9220/00. A weekly close below here suggests further losses next week, initially targeting 9100/9080.

Above 9310 allows a recovery to resistance at 9350/70. If we continue higher expected strong resistance at 9430/50. Shorts need stops above 9475.

NZDJPY tested first support at 8230/10 but fell as far as 8175.  A break lower is a sell signal targeting 8160 & 8110/00. If we continue lower look for a retest of the September low at 8075/55.

Holding what I believe to be the lower trend line of a bear flag at 8220/8200 allows a recovery to 8280, perhaps as far as 8330/40. The upper trend line & resistance of the flag is at 8390/8410. Shorts need stops above 8430.

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Jason Sen, Director

https://www.daytradeideas.co.uk

20221007