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 reversed perfectly from strong resistance at the January high & 200 week moving average at 1.1480/1.1500 to hit strong support at 1.1410/00 with a low for the again yesterday.
USDCAD loving very strong support at 1.2665/55 as we hold all last week & this week so far.
Update daily at 06:30 GMT
EURUSD longs at strong support at 1.1410/00 are working again today but need stops below 1.1385. Next target & support at 1.1350/40. Longs need stops below 1.1330.
Our longs target 1.1435 before a retest of strong resistance at the January high & 200 week moving average at 1.1480/1.1500. Shorts need stops above 1.1515. A break higher this week is a buy signal of course, initially targeting 1.1555/60, perhaps as far as 1.1580/90.
USDCAD retests strong support at 1.2670/60. Longs here re-target 1.2710/20. If we continue higher look for a retest of 1.2780/90. Further gains this week test the January high at 1.2810/15. If we continue higher look for 1.2840/50.
Support at 1.2670/60. A break below 1.2650 however targets 1.2630/20, perhaps as far as 1.2690/80.
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No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
Jason Sen, Director