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 beat strong resistance at 9920/40 for a buy signal. The break above the October high at 9999 confirms the buy signal targeting 1.0050 & 1.0100/20. As I write we held just 7 pips from here.
AUDUSD finally made a move through strong resistance at 6380/6400 to target 6455/65, perhaps as far as resistance at the October high at 6540/50 today.
NZDUSD finally made a break above 5800 for a buy signal targeting 5845/55 (a high for the day exactly here in fact), perhaps as far as 5890/5910 today.
EURUSD break above the October high at 9999 confirmed the first buy signal targeting 1.0050 & just 7 pips from my next target of 1.0100/20. Eventually we could even reach 1.0180/1.0200.
Downside should be limited with first support at 1.0000/9980. Longs need stops below 9960. Strong support at 9930/10, although I would be very surprised if we saw this level again for a while.
AUDUSD beat 6415 to target 6455/65, perhaps as far as resistance at the October high at 6540/50 today for profit taking on longs. Watch for a high for the day.
Downside should be limited after the breakout with minor support at 6445/30 & better support at 6400/6390.
NZDUSD longs on the break above 5800 are working as we hit 5845/55 (with a high for the day exactly here yesterday), perhaps as far as 5890/5910 today. Eventually we can reach 5980. First support at 5790/70 of course. Longs need stops below 5750.
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Jason Sen, Director