Jason Sen's FX trades for today & outlook for stock markets - with video

Jason Sen's FX trades for today & outlook for stock markets - with video

EURUSD - We waited a long time for the breakout & as predicted we did see decent move. The skill was getting on board in time & we certainly did that with a 70 pip rally so far.

USDCAD tested the 200 day moving average at 1.2500 & over as far as 1.2449 which was certainly not a surprise, but seeing a bounce now.

GBPCAD breaks the first support at 1.7160/50 to target support at 1.7060/50. We held 12 pips above here - same levels apply for today.

Update daily at 06:30 GMT

Today's Analysis.

EURUSD beat 1.1350/70 as expected for a buy signal targeting 1.1400 & strong resistance at 1.1455/65. This has been holding exactly as predicted, but shorts could be risky & we certainly have not headed lower yet. Further gains are likely eventually towards 1.1500/10 & 1.1560/70

Downside today should be limited - a buying opportunity at 1.1400/1.1380 - stop below 1.1365.

USDCAD seeing a bounce which could reach as far as first resistance at 1.2560/80. A high for the day certainly possible. Stop above 1.2590. A break higher can target a sell opportunity at 1.2625/45 - stop above 1.2665.

Failure to hold above the 200 day moving average at 1.2500 sees a retest of minor support at this week's low of 1.2460/50. Although this is also an 8 month trend line I do not see it holding too many times. Eventually we could fall as far as 1.2420/10.

GBPCAD breaks strong support at 1.7160/50 to target strong support at 1.7060/50. Longs need stops below 1.7030

Minor resistance at 1.7150/60 (tested again this morning as I write after it held yesterday) but above here can target can target 1.7220/30, perhaps as far as resistance at recent highs of 1.7290/1.7310. Further gains meet resistance at 1.7360/70.

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No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realised. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.

Jason Sen

Jason Sen

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason used technical analysis throughout his trading career and formed Daytrdeideas.co.uk which established itself as the leading provider of daily technical analysis to independent and professional traders within the investment bank community. He advises 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. Jason Sen also provides trade ideas with entry, exit and target levels on Telegram & in daily reports to retail traders. daytradeideas.co.uk