Technical Analysis Reports


DayTradeIdeas Rep
Gold makes a breakout above the March high at 1353/56 but topped exactly here the high for 2018, in January at 1365/66.

Silver tests strong resistance at 1665/75 but tops exactly at the March high of 1686.
Both remain in a sideways trend for now after rejecting the upper boundaries of the 3 month ranges.

AUDUSD unfortunately just hovering around strong resistance at 7755/60 as we reach 7773 but sink back to 7736. Key to direction is now the 100 & 200 day moving averages at 7786/89 & 7811/15 but we have stronger resistance at 7827/30.

NZDUSD beat 61.8% Fibonacci resistance at 7325/30 to top 2 pips from the next target & important resistance from the 8 month trend line at 7380/7390. We pause again in the sideways trend! OMG!

EURUSD we wrote: holding what is now first support at 1.2310/20 re-targets 1.2375/80, perhaps as far as minor resistance at 1.2400/05.
From a low at 1.2323 we topped 5 pips from minor resistance at 1.2400/05.

USDCAD we wrote: collapsed through strong support at 1.2670 with longs stopped. This is an important longer term sell signal.
We traded lower as expected.

GBPUSD bulls got the green light on the break above 1.4105 reaching 1.4135/40, 1.4180/85 & trend line resistance at 1.4205/15. We topped only 7 pips above.

GBPJPY break above 150.60/80 was a buy signal targeting 151.40 & only minor resistance at 152.10/20 for some profit taking on longs. Target hit & we topped just 4 pips above.

WTI Crude bottomed exactly at support at 6523/18.
We wrote: A break above 6586 targets 6600/6610 6630 & the January/March double top high at 6655/6666. A break higher not out of the question targeting 8 month trend line resistance at 6725/35.
We topped just 10 ticks above here.

Bitcoin interest has died now the bubble has burst! However we remain in a bear trend with no signal to expect a recovery at this stage.
Watch trend line resistance at 6980/7000 & trend line support at 6620/6600. A breakout of either of these could trigger a decent move in either direction.

Dax topped exactly at our selling opportunity at 12420/440 on Tuesday. Shorts worked as we dipped to just 8 ticks above 12320/330 & then on Wednesday we dipped as predicted to the next target of 12265/255.
We bottomed exactly here.

FTSE we wrote: Although I see no strong reason for a top at 7199, we are overbought on the daily chart, in a bear trend, so there are risks to the downside.
We drifted a little lower but bottomed exactly at first support at 7163/60.

It's a scalpers market with few swing trade opportunities on the spread sheet. Trade the levels in your favourite markets & be quick to take a profit. Keep stops tight.
Remember the resistance in the $Index around 90.50 which held when tested earlier in month...keeping the outlook negative.

WTI Daily Forecast - April 17, 2018

WTI Crude holding above first support at 6640/30 as I write in what I expect to be more of a sideways trend in to the end of
the week. Minor resistance at 6715/20 with 8 month trend line & last week's high at 6760/76. A break above 6795/99 targets
6835/40, perhaps as far as 6875/80. On further gains look for 6910 & 6950/55.

Shorts are very risky in the bull trend without a topping pattern or sell signal so I cannot recommended at this stage. However
holding below 6630 risks a slide to 6600 before best support today at 6550/45. Longs need stops below 6520. An unexpected
break lower targets minor support at 6480/75 then better support at 6415/05 for a buying opportunity.

Daily Forecast USDJPY - 18 April 2018

USDJPY did bounce but from 106.85 to top exactly at the target of 107.15/19. Only above 107.30 allows a recovery to 107.45/49 before the best selling opportunity at 107.80/90. Try shorts with stops above 108.10. This is a small risk trade but a break higher is a buy signal. Reverse in to a long targeting 108.40/45, 108.75/80 & 108.95/109.00 for profit taking. Try shorts at
109.15/25 with stops above 109.60.

Holding below 107.00 targets support at 106.60/55, which could hold initially for a bounce to 107.00. On further losses look for
106.20, perhaps as far as 105.85/80.

Emini S&P barely moving in overbought conditions - but we edged higher 2718, which was not part of the plan & stopped us out of shorts. However I do still think risks are to the downside.

AUDUSD sideways so far this week. We bottomed 6 pips below good support at 7755/50 & topped 2 pips above first resistance at 7790/95.
Scalping these 2 levels worked while we wait for the swing trade opportunity.

NZDUSD we suggested shorts on a any strength at the start of the week & the pair are lower as expected after we held 7380/7410. A low for the day just 2 pips from the next target of 7300/7295.

USDJPY I warned last week was now stuck in a new range & unfortunately I was right - we are holding 106.60-107.77.

EURJPY also in a range from first support at 132.20/10 to strong resistance at 133.00/10 but trading in between these levels has offered decent profits.

EURUSD sideways & yesterday's inside day means same levels apply for today. A dreadful market to try to make any money. Eventually we will get a breakout & hopefully some direction.

USDCAD managed a bounce from 1.2530/25 & unexpectedly beat 1.2625/35, but meets strong resistance at 1.2265/75. Try shorts with stops above 1.2720.

Gold jumping around but with no medium term direction. We see a good move in 1 direction for 2-3 days, which then reverses in a sideways trend. Same levels apply for today.

A big commodity rally yesterday across the board.


Silver we wrote: holding above 1660 is more positive, but we obviously must beat the March/April high of 1686/87 for bullish confirmation.

Once through here we shot higher to targets 1702/05, 1710/13, 1720 & 1725. Probably the best trade of the week but had to be patient. A potential 60 ticks on our longs from 1660/65.

Be aware that a weekly close above 1750 tomorrow night is a huge buy signal - do not miss this move. It could be the start of a significant longer term bull trend for silver.

WTI Crude we wrote: we shot back above 6640/30. Holding above here today targets minor resistance at 6690/95 but above 6715/20 could allow a retest of 8 month trend line & last week's high at 6765/76. This is the main challenge for bulls today of course. A break above 6800 however targets 6835/40, perhaps as far as 6875/80. On further gains look for 6910 & 6950/55.

We beat 6800 reaching 6875/80

Analysis by: Jason Sen - Day Trade Ideas
Yesterday we wrote: the outlook for the US dollar remains positive after we spotted the start of the bull trend 2 weeks ago & made strong gains last week, exactly as predicted. We consolidated gains by trading sideways in overbought conditions and this situation is likely to continue at the start of this week. We only consolidated for a short time & despite overbought conditions we continue higher as predicted. Of course outlook remains positive. If you have been holding longs you have had a great 2 weeks & I believe it is still worth holding longs at this stage.

AUDUSD we wrote: consolidating losses in oversold conditions before the next leg lower. We broke lower as predicted hitting almost all targets, as far as 7425/20.

NZDUSD lower again to the next target of 6960/50.

EURUSD sideways for only a day but we did warn: Outlook remains negative/neutral so a break lower would not surprise & targets 1.1885/80, perhaps as far as 1.1835/30. Target hit & we bottomed exactly here.

USDCAD beat 1.2915/20 to breakout of the 2 week range with both targets hit as far as 500 day moving average resistance at 1.2970/80.

GBPUSD we wrote: trades sideways in oversold conditions. No buy signal but we could continue sideways to ease these conditions. Sideways it is as predicted as we topped at 1.3591.

GBPJPY we wrote: In oversold conditions we could start to trade sideways but definitely no buy signal yet. We are seeing a small bounce as expected.

Gold held just above the 200 dma & March low at 1303.5/1302.5 this time for a bounce to targets 1315 & 1318/20. We topped exactly here. We are trading in a short term triangle & bulls need a breakout above 1318.

Silver still holding the 1635 level on the downside & strong resistance at 1650/55....for 4 days now.

Emini S&P consolidating gains as we hold 2 month trend line resistance at 2675/78 in the sideways trend.

Bitcoin outlook remains negative of course.

As far as trades go for today, if you are holding dollar longs as we have suggested for 2 weeks...keep holding. Otherwise it's a case of using the reports for minor support levels in your favourite dollar pair, to buy in to longs on any weakness.
Dollar correction as expected but it did not last long, as we shot higher to retest the high in the dollar index. We could see a small double top here but I would not bet on it. Holding longs for the medium term remains our strategy & buying in to any weakness as we have stated.

Emini S&P correction in the short term as predicted to a buying opportunity at 2708/06, with stops below 2700.

AUDUSD sideways as predicted on Thursday & no longer oversold, which means risks are to the downside.

NZDUSD we wrote: Outlook negative. Bears clearly remain in control & a break lower today targets 6885/81, 6870 & perhaps as far as 6850/40. Lower as predicted & we bottomed exactly at 6850/40. Outlook remains negative.

USDJPY held key support at 109.25/20 & beat 200 dma resistance at 110.15/20 to trigger stops on shorts for a buy signal.

EURUSD shorts at 1.1960/70 were tricky as we over ran to 1.1996 but we did turn lower eventually & broke 1.1900 to retest the 1.1830/20 low.

USDCAD I still have no idea on direction as we trade sideways for almost a year. The pair are erratic & difficult to trade.

EURJPY shorts at 130.85/95 were hopefully just held as we failed to break above 131.35. The pair headed lower to 130.42.

GBPUSD continues sideways as as predicted many days ago. Shorts at strong resistance at 1.3590/99 worked after we topped just 9 pips above. We bottomed 8 pips below last week's low at 1.3457.

GBPJPY trading sideways as expected.

Gold unexpectedly broke our buying opportunity at 1308/06, with stops triggered below 1300. This is a sell signal & we look to sell a bounce today.

Silver topped exactly at our selling opportunity at 1680/85 & collapsed to 1618. Outlook negative & a break below 1590 is another sell signal.

WTI Crude longs from support at 7050/40 work as we beat minor resistance at 7085/95 & hit all targets of 7125/30, 7160/65 & the 7180/89 high for a potential 130 ticks. WE HAVE A DOUBLE TOP SELL SIGNAL IN OVERBOUGHT CONDITIONS AS WE HOLD JUST BELOW IMPORTANT LONGER TERM RESISTANCE AT 7300/10.

Bitcoin outlook remains negative - I have correctly called it lower all year & I am sticking with this bearish outlook.
EURUSD longs at important support at 1.1720/00 are being held as we hold above the stop level of 1.1670

EURUSD we should be long now as we test important support at 1.1720/00. Place stops below 1.1670. We have a descending wedge so a break above the upper trend line at 1.1750 should trigger a buy signal targeting 1.1795/99 & strong resistance at 1.1860/70 for some profit taking before the weekend. A break below 1.1665 however is a sell signal, despite severely oversold conditions targeting 1.1630/20, 1.1585/75 & November low at 1.1555/50.

USDCAD in a 2 week range of 1.2725-1.2924.

USDCAD in a 2 week range of 1.2725-1.2924 & we trade this range while we wait for a breakout. A break lower targets the low at 1.2725 then 1.2705/00. Watch the level of 1.2815/25 in between - it is causing prices to at least pause when hit. Above here targets 1.2875/85 & 1.2915/25. (Shorts worked again here this week).
Daily Forecast - 30 May 2018

Bund reached 163.75 on my update yesterday & continued higher to the next target of 164.10/20. We topped exactly here & collapsed to 161.91. Holding above 163.25 re-targets 164.10/20. On further gains look for 164.50/55. Some resistance at 164.70/75 but obviously don't think about shorts in this environment without a sell signal.

Below 163.20 risks a slide to support at 162.65/60. If we continue lower look for 162.25/20 then a buying opportunity at 161.95/90.

Dax we wrote: First resistance at 12640/650 but above here targets 12680/685 (sorry typo yesterday) & resistance at 12720/730. This should hold for most of the day but a break higher meets a selling opportunity at 12820/840.

We hovered around 12730/750 for a few hours then topped exactly in the middle of 12820/840.

Dax topped exactly at our selling opportunity at 12820/840 & we look for 12770 then support at 12730/720 for some profit taking. Below 21700 takes us to 12670/660.

Shorts at 12820/840 need stops above 12870. A break higher targets 12890/899 & probably as far as strong resistance at 12955/965.