Bitcoin Daily Forecast, Recap Levels & Trade suggestion from Analyst, Jason Sen – Day Trade Ideas

 

Technical Analyst Jason Sen

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A good chance the dollar sell off is over for now.

AUDUSD topped exactly at the 2017 high at 8100/8124 & the negative candle warns bulls to exit longs. The risk is that we have a double top sell signal in overbought conditions.

NZDUSD taking profit on longs at strong resistance at 7410 was a good idea! The pair collapsed initially bottoming exactly at 7325/20 for a bounce to 7391. However we collapsed again to 7289.
EURUSD higher as predicted, hitting all targets as far as 1.2510/15 & topped 21 pips above, offering up to 200 pips profit. The pair then collapsed to our buying opportunity at 1.2360/50 & bottomed exactly here for a potential profit of 70 pips on the bounce. The negative candle in severely overbought conditions warns bulls to exit longs, if you did not do so at yesterday’s upper targets.
GBPUSD higher as expected to reach the 1.4310/20 target. However we unexpectedly collapsed 260 pips from 1.4344.
GOLD tops a point above important 5 YEAR trend line resistance at 1363/65. I thought shorts were too risky in such a strong bull trend without a sell signal – I was wrong & we now have a sell signal.
The Gold rally is over.
SILVER topped 4 points above the 1760/65 target & unexpectedly collapsed to 1713. THIS IS AN IMPORTANT SELL SIGNAL. THE RALLY IS OVER.
Friday Buy/sell STOP TARGET 1 TARGET 2 Comment
AUDUSD buy 7975/70 7935 8010, 8040 If stopped, reverse in to shorts
AUDUSD sell 8110/24 8170 8060, 8010 7980
NZDUSD buy 7295/85 7250 7290, 7340 If stopped, reverse in to shorts
NZDUSD sell 7390/7430 7470
USDJPY sell 109.60/70 & 110.00/10 stop 110.40 Hold shorts – outlook very negative.
EURUSD sell 1.2500/35 1.2585
EURUSD buy 1.2310/00 1.2265 1.237
GBPJPY buy 153.95/85 153.5 154.20, 154.70  

 

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About the author

JASON SEN Began to study technical analysis in 2006 and established Daytradeideas, the leading provider of daily technical analysis to independent & professional traders within the investment bank community for Stock Index, Energy & Fixed Income products, advising dozens of traders at up to 15 major investment banks and hedge funds on market movement, throughout each trading day on The Bloomberg Professional® service with trade ideas – entry, exit and target levels in daily reports published before the Futures markets open in Europe.