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.
Outlook for Stock Markets:
Outlook for Dollar & Yen Pairs:
AUDUSD lower after breaking out of the bear flag to my target of 6380/60 as expected. The break below 6350 was a sell signal targeting 6255/50 & we are 5 pips away as I write.
NZDUSD broke the lower trend line of a 1 month bear flag pattern at 5700/5690, targeting 5580/60 September lows then the 2020 low at 5490/70.
AUDJPY broke the September low at 9220/00 to target strong support at 9100/9080.
Remember when support is broken it usually acts as resistance & vice-versa.
Update daily by 05:00 GMT
Today’s Analysis.
AUDUSD lower to my target of 6380/60 & almost as far as 6255/50 as I write. Further losses are likely to 6210/00 then 6135/25.
Gains are likely to be limited with resistance at 6300/10 & 6330/50. Shorts need stops above 6370.
NZDUSD broke the lower trend line of a 1 month bear flag pattern at 5700/5690, keeping the outlook negative in the longer term bear trend, risking a retest of 5580/60 September lows. A break lower targets the 2020 low at 5490/70. A break below here is obviously an important sell signal.
Gains are likely to be limited in the bear trend with resistance at 5565/75. Shorts need stops above 5595.
AUDJPY now targets strong support at 9100/9080. Longs need stops below 9045. A break lower targets 9000/8990 then 8690/50 & 8920. Longs at 9100/9080 target 9140 & resistance at 9200/9220.
Please email me if you need this report updated or Whatsapp: +66971910019 – To subscribe to this report please visit daytradeideas.co.uk or email jason@daytradeideas.co.uk
Jason Sen, Director
https://www.daytradeideas.co.uk
20221011
