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.
US stock markets volatile on the CPI release. Where next? Emini S&P, Nasdaq, Dow Jones & Dax40
Forex outlook – Long term trends remain in place for the Dollar, Yen & Gold.
Gold holding below minor resistance at 1675/78 should re-target 1668/66, 1660/57 & then retest 1642/40.
Gains are likely to be limited with first resistance at 1655/60. Shorts need stops above 1665. A break higher targets 1670/75 with strong resistance at 1683/87.
AUDUSD unexpectedly beat first resistance at 6300/20 to reverse from the next target of 6345/55. The pair collapsed to targets of 6265/55 & 6210/00. Further losses retest 6180/70. A break lower (expected eventually with such strong downside momentum) targets 6125/15.
Gains are likely to be limited with first resistance at 6255/65 & strong resistance at 6330/50.
NZDUSD made a high for the day ex at first resistance at 5670/80 to target 5630/20 & 5595/85. Outlook remains negative in the bear trend. Further losses target minor support at the 5530/10 lows & the 2020 low at 5490/70.
Strong resistance at 5625/45. Shorts need stops above 5675.
AUDJPY rocketed 250 pips from strong support at 9100/9080 to hit 9335/40 before holding resistance at 9370/90. I see no support until we retest 9100/9080…..although I am not necessarily saying we will definitely retest that area. If we do, longs need stops below 9050.
First resistance at 9380/9400. Shorts need stops above 9050.
EURUSD should meet resistance again at 9800/9820. (A high for the day exactly here on Friday). A break higher however can target 9870/80, perhaps as far as 9920/40. Strong resistance at 9920/40. Shorts need stops above 9970. Holding resistance at 9800/9820 did target 9775/65 & support at 9730/10 with a low for the day here on Friday. Longs need stops below 9680. A break lower targets 9660/50. Below 9630 targets 9600/9590.
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Jason Sen, Director