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Forex outlook & trading levels

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AUDUSD we wrote: Outlook remains negative...holding minor resistance at 7110/15 targets 7085/80 & 7065/60.
All targets hit.

NZDUSD topped exactly at strong resistance at 6770/80 & still holding first support at 6725/20.

AUDUSD lower as predicted to 7065/60. Below 7055 targets 7030/20 & 6995/90. Below 6980 look for 6955/50.
First resistance at 7110/20 but try shorts at 7150/60 with stops above 7175.

NZDUSD holding first support at 6725/20 & a good chance we bounce to strong resistance at 6770/80. Try shorts at 6810/20 with stops above 6835.
A break below 6710 targets 6690/85 & 6665/60.

USDJPY topped exactly at quite strong resistance at 110.40/50. Try shorts with stops above 110.60. A break higher is a buy signal targeting 110.90, perhaps as far as 111.25/30.
Shorts at 110.40/50 target 110.30, 110.15 & first support at 110.05. Below 109.95 targets a buying opportunity at 109.75/70, with stops below 109.50.

EURJPY try shorts at 124.70/80 with stops above 125.00. A break higher is a buy signal targeting 125.40 & 125.65/75.

Holding 124.35/40 on the slide but below here targets 124.05/00 & 123.85/75, perhaps as far as 123.50/40.


EURUSD we wrote: Break below 1.1300 is sell signal targeting Jan low at 1.1290/85 then 1.1267/63. A 30 pip profit as we bottomed exactly at 1.1267/63. USDCAD we wrote: minor resistance at 1.3280/85, stronger resistance at 1.3315/20. We topped exactly here. EURUSD break below 1.1300 was sell signal targeting 1.1267/63. Below 1.1260 risks a test of the November low @1.1220/10. A break lower is another sell signal for 1.1185 then 1.1140/30. No buy signal but oversold short term & at lower end of 3 month range after 8 days of 250 pip losses. Small long may be worth a gamble targeting 1.1290/1.1300 & resistance @1.1320/25. Try shorts; stops above 1.1340. Try shorts @1.1370/80; stops above 1.1395. USDCAD topped exactly at strong resistance @1.3315/20. Bulls need a break above 1.3330 for next buy signal targeting strongest resistance @1.3350/55. A break above the mid January high @1.3374 then required for a buy signal targeting 1.3405/10. Try longs at 1.3240/30, stops below 1.3215. A break lower targets 1.3175/65 then a buying opportunity @1.3140/30. GBPUSD 1st resistance 1.2880/90 but above 1.2910 targets 1.2940/50 b4 strong resistance @1.2980/90. A selling opportunity @1.3020/25; stops above 1.3050.

Failure to beat 1.2880/90 retests 1.2860/50. Below 1.2840 look for 1.2815/10

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About the author

Jason Sen, founder of DayTradeIdeas, began his trading career in the options pits on the ‘open outcry’ trading floor of the London International Financial Futures Exchange (LIFFE) in 1987 at the age of 19, trading a broad range of financial futures and options on his own account. In 2001 when the trading floor closed he successfully made the transition to electronic day trading. Trading the financial markets is all Jason has ever done, every day, for over 25 years!

Jason uses this experience to advise traders at some of the largest Investment Banks and is also the leading provider of daily technical analysis to the UK's professional day trading arcades. The exact same analysis that Professional Traders follow daily is now available to Independent Traders.

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