AUDUSD, NZDUSD, EURUSD, USDCAD, USDJPY, EURJPY Recap & Daily Forecast from Jason Sen – Day Trade Ideas

 

AUDUSD bottomed exactly at our buying opportunity at 6930/20 with stops below 6910. NZDUSD bottomed exactly at our buying opportunity at 6660/50 with stops below 6635.

Today’s Analysis 06 Jan, 2020

AUDUSD try longs at 6930/20 with stops below 6910. A break lower is a sell signal targeting 6895/90 & perhaps as far as 6870/60.

Our longs target 6960 & 7000/05 before the recovery high at 7026/31. A break higher targets 7055/59 & 7080/85.

NZDUSD try longs at 6655/45 with stops below 6630. A break lower is a sell signal targeting 6600/6590, perhaps as far as 6570.

Longs at 6655/45 target quite strong resistance at 6690/6700. A break above 6710 is a buy signal targeting 6730 & with important 18 month trend line resistance at 6755/70/80. Bulls then require a break above 6800 for the next buy signal.

Trends

Weekly outlook is positive Daily outlook is positive Short Term outlook is positive

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EURUSD buying opportunity at 1.1145/35 with stops below 1.1125 was tricky as we hit 1.1123 but if you held the longs we then shot higher to 1.1180.

USDCAD we wrote: outlook remains negative as we consolidate below minor resistance at 1.3000/05.
We are still holding below there.

Today’s Analysis

EURUSD holding minor resistance at 1.1175/8585 risks a retest of the buying opportunity at 1.1145/35. Stop below 1.1120! A break lower targets 1.1080/75.

A break above 1.1185 targets 1.1200 then 1.1225/30. On further gains look for & 1.1245/50 then resistance at 1.1270/80.

USDCAD broke 1.3080/70 for an important medium term sell signal with shorts offered 100 pips profit on the collapse to 1.2947. Outlook remains negative despite oversold conditions & the best bulls can hope for is a period of sideways consolidation. Gains are likely to be limited with minor resistance at 1.3000/05 (holding) & strong resistance at 1.3030/40 likely to see a high for the day if tested.

A break below 1.2940 is the next sell signal targeting 1.2915/05. Below 1.2900 look for 1.2880/70 then 1.2855 & 1.2820/10.

Trends

Weekly outlook is neutral Daily outlook is neutral Short Term outlook is neutral

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USDJPY we wrote: outlook negative as we hold below the 200 day moving average resistance at 108.70/60. Shorts worked perfectly on the collapse to our target & support at 107.75/70

EURJPY broke strong support at 121.10/00 to target 120.60/50 then hit strong support at 120.15/05. This is key support for today.

Today’s Analysis

USDJPY lower as predicted to our target of 107.75/70 & we bottomed exactly here. Outlook remains negative so a break below 107.60 is the next sell signal targeting 107.45/40 & 107.10/05.

Gains are likely to be limited with the longer term outlook negative. First resistance at 108.20/30 then a selling opportunity at 108.50/60, with stops above 108.70.

EURJPY buying opportunity at 120.15/05 with stops below 119.90. A break lower is a sell signal targeting 119.70/65 & 119.30/20.

Longs at 120.15/05 target 120.60/70 & strong resistance at 121.00/10 for some profit taking.

Trends

Weekly outlook is neutral Daily outlook is neutral
Short Term outlook is negative

 

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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.