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 longs at support at 6395/6385 worked on the strong bounce to 6463, just below the 6370 target.
However, the pair collapsed from here to close unchanged.
The pair is still trying to build a counter trend move. The problem with counter trend moves is that they are never smooth.
The bears still think they have control & keep trying to push lower so we keep seeing deep 150 pip moves lower before a strong recovery.
NZDUSD longs at first support at 5790/70 finally work as we bounce off the inverse head & shoulders neck line at 5790/70 & shot higher to my target of 5890/5910 for an quick 100 pips profit.
However in this tough counter trend move, the gains were not sustained & the pair collapsed swiftly to 5823.
EURUSD longs at 9880/70 & EURCAD shorts at 1.3500/1.3480 were 2 of the scalps that worked yesterday for a quick 50 pips profit in each pair.
EURUSD struggling to push higher in the counter trend recovery. 2 steps forward & 1 huge step back – this has been the trend for 5 weeks.
USDCAD scalping resistance at 1.3680/1.3700 & support at strong support at 1.3520/00 has been a great strategy for a week. Keep scalping while we wait for a breakout.
EURCAD shorts at first resistance at 1.3490/1.3510 worked perfectly with a high for the day exactly here. A 50 pips profit offered so far.
**Dollar pairs will obviously be influenced by today’s Fed rate decision.**
AUDUSD collapsed to retest support at 6395/6385 & made a low at 6375 so obviously this remains the important levels for today. A bounce again targets 6435/45 , perhaps as far as 6465/6470. Further gains test last week’s high at 6510/20.
Longs at 6395/6385 stop below 6360. A break lower targets 6330 & 6280/70.
NZDUSD first support again at the head & shoulders neck line at 5790/70 of course. Longs need stops below 5750.
Our longs target 5845/55 & 5890/5910. A break higher can reach 5980.
EURUSD support at 9880/70 is key to direction again today. Longs worked perfectly yesterday targeting 9915/25 & reaching 9950. Above 9955 today signals further gains towards resistance at 9985/95.
Longs at 9880/70 need stops below 9850 (a low for the day yesterday at 9851 so we are just holding the position). Further losses can target support at 9810/9790.
USDCAD holding below 1.3600 risks a slide to 1.3570/60 & perhaps as far as strong support at 1.3520/00. Longs need stops below 1.3480. A break lower is a sell signal.
Holding above 1.3630 can retest resistance at 1.3680/1.3700. Shorts need stops above 1.3720. A break higher is a buy signal.
EURCAD shorts at 1.3500/1.3480 work on the slide to 1.3450 & we could target support at 1.3390/70. Longs need stops below 1.3350.
Longs at support at 1.3390/70 can target 1.3450, perhaps as far as first resistance at 1.3490/1.3510. Shorts need stops above 1.3530.
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Jason Sen, Director