Daily analysis by DayTradeIdeas - 14/02/2023| FXMAG.COM

https://youtu.be/2VckxizCd48

EURUSD made a high for the day just 8 pips from strong resistance at 1.0800/20 on Friday & hit support at 1.0690/70 for profit taking (only if you had a short & ran it over the weekend of course). Longs at support at 1.0690/70 are starting to work on the bounce to 1.0735. Further gains are possible to 1.0750/60 for profit taking. A high for the day is possible here but a break above 1.0775 signals further gains towards a sell opportunity at 1.0800/20. Shorts need stops above 1.0840.

Support again at 1.0690/70 for profit taking. Longs need stops below 1.0650. Sell a break below 1.0650 targeting 1.0600, perhaps as far as strong support at 1.0510/1.0490.

USDCAD remains very choppy in a sideways trend with no direction - I will wait for a breakout or signal.

The break below support at 1.3380/60 can target 1.3310/00, perhaps as far as the February low at 1.3270/60.

EURCAD shorts at strong resistance at 1.4455/75 worked as we hit the 1.4390/80 target for profit taking but we fell further to strong support at 1.4240/20 (on the trade sheet). Longs are working on the bounce to 1.4315 & can make it as far as minor support at 1.430/40 for some profit taking.

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A break above 1.4360 can target strong resistance at 1.4380/1.4400. Shorts need stops above 1.4425.

Strong support at 1.4240/20. Longs need stops below 1.4190.

CADJPY break above 9900 is a buy signal & can target 9990.

Support at 9860/40. Longs need stops below 9810.

GBPUSD should have resistance at 1.2210/30. Shorts need stops above 1.2265.

Support at 1.1960/40 but longs need stops below 1.1920.

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USDJPY bounce from strong support at 130.00/129.80 eventually made it to resistance at 132.90/133.10 yesterday with a high for the day exactly here. Great trade if we had run it over the weekend, but not something I advise. Shorts here can target 131.80/70 for some profit taking. A break below 131.50 risks a slide to minor support at 131.10/00. I think there is better support at 130.80/70. Longs need stops below 130.50.

Buy a break above 133.20 targeting 133.90/134.00.

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

Daily analysis by DayTradeIdeas - 14/02/2023

Jason Sen

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