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Technical Analyst Jason Sen

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US dollar bounce recovers Monday’s losses in the sideways trend. (Which is becoming very irritating).

I wrote a lengthy article on the longer term outlook for the US dollar in the hope that we start to move soon. Hope you find it helpful. See attached. < subscriber content only)
AUDUSD up one day, down the next in the sideways trend for 7 days now but holding a range of 7669-7783.
NZDUSD trades sideways & is causing me to get chopped up. I was dumb enough to try to find a direction…too soon.
USDJPY we wrote: holds 1 month channel support at 104.80/104.70 & beats first resistance at  105.35/40 to target strong resistance at 105.85/95. We should take at least half the profit on longs.
Well we should have taken profit on the whole lot because we topped exactly here.
EURJPY up one day, down the next day in the 1 month sideways trend.
Gold we wrote: We should not be holding longs now. ..risks are to the downside…
As expected we headed lower hitting targets of 1349/48 & 1345/44 before we bottomed exactly at better support at 1340/38.
Silver longs from our buying opportunity at 1633/31 worked as we topped exactly at very strong resistance at 1675/80. A profit on this trade too as we bottomed exactly at best support for the day at 1647/44.
WTI Crude we wrote: double top at 6655/65 with negative candles at both peaks acts as a sell signal…is worth trying shorts if we get anywhere near 6625/65…
A truly excellent selling opportunity at 6625/65 as we topped exactly in the middle. No excuses for not being short for the 200 tick sell off to 6453.
OUTLOOK NEGATIVE ON THE SELL SIGNAL UNLESS WE BEAT 6710.
Worth noting the potential head & shoulders top in EURCAD. A break below the neckline at 1.5835/30 should confirm.
Emini S&P over ran  quite strong resistance at 2666/69 by 10 points but as I feared we did eventually turn lower.
Longs at support at 2645/40 were stopped but we bottomed 6 points above the major buying opportunity at 2590/80.
I think we can rocket after the successful retest of this support.
Dax only reached 12047 before unexpectedly breaking back below 11900/880.
Clearly we remain in a bear trend & if we close the week below 11700 all hell is going to break lose in April with a strong chance of at least a small crash. 10700-10600 is not out of the question.
Bitcoin we wrote: OUTLOOK NEGATIVE as we hit the next target of 8050/8000. Further losses target 7700/7650 before the low at 7326.
We have hit 74723…pretty damn close!
Wednesday Buy/sell STOP TARGET 1 TARGET 2 Comment
NZDUSD buy 7150/40 stop 7105
AUDUSD buy 7640/30 stop 7580 7655, 7695 7710
Reverse in to a short if stopped
AUDUSD sell 7775/85 7815 7750, 7720 7680 Reverse in to a long if stopped
Spot Gold sell 1360/62 1372
silver spot sell 1675/80 1690 Reverse in to a long if stopped
USDJPY sell 106.50/60 107.05 Reverse in to a long if stopped
EURUSD sell 1.2545/55 1.2610.
USDCAD sell 1.2965/75 1.3015
USDCAD sell 1.3115/25 1.3210.
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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.