Key Support & Resistance Levels in the current market

In this episode of Technical Tuesdays we change things up. The entire episode is dedicated to providing live examples of support and resistance levels in current markets. Jason covers all of the major Forex pairs, as well as some of the minors. Including: EURUSD, USDJPY, AUDUSD, WTI Crude Oil, and NZDUSD.

Updated Levels for January 3rd 2018! Happy New Year everybody!

EURJPY 1st support at 134.80/70 held as expected, stops below 134.50. Further losses target a buying opportunity at 134.25/15

WTI Crude very important resistance at 6120/40; very overbought so bulls need to start being cautious but no sell signal yet.

USDJPY broke 4 month trend line support at 112.65/55 targeting 100 day moving average & Fibonacci support at 112.00/111.90

XAGUSD topped exactly at VERY STRONG resistance at 1718/20. Try shorts with stops above 1735.

Gold 1st support at 1314/13. On further looses look for 1305/04 then a buying opportunity at 1302/01


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EuroStoxx we wrote: A break above 3510/14 is more likely today targeting 3530/34. Watch for a high for the day but shorts are probably too risky. Further gains target strong resistance at 3550/55. If you are desperate to try a short, this is the level.

Higher as expected but also further than expected as we beat 3550/55 to hit 3570.

EuroStoxx we called a low for the correction on Tuesday night & rallied 95 ticks since. Key resistance at 3572/77 the main challenge for bulls today & we should struggle here. Shorts need stops above 3585. A break higher (& weekly close above for confirmation) is a strong buy signal targeting 3600 & the December high at 3612 but further gains are likely next week to 3615/18 & 3630/35.

Failure to beat key resistance at 3572/77 triggers short term profit taking to 3544/40. Downside is expected to be limited but below here look for a buying opportunity at 3530/25. Stop below 3515.

GBPUSD topped almost exactly at the next target of 1.3600/10, before MEGA important longer term Fibonacci resistance at the high of 1.3650/56 last week.

GBPJPY beats the 153.35/40 December high.

GBPUSD bottomed 15 pips above support at 1.3480/70 on the pull back last week. Minor resistance at 1.3540/50 but above re-targets 1.3600/10 before MEGA important longer term Fibonacci resistance at the high of 1.3650/56. This is absolutely key to direction. A break above 1.3700 is a very important longer term buy signal targeting 1.3760/70, 1.3795/99, 1.3830/40 & 1.3855 (just to start). We should eventually see 1.4000 & perhaps 1.4320.

First support at support at 1.3480/70 but below here targets a buying opportunity at 1.3400/1.3390. Stop below 1.3360.
GBPJPY bulls must hold the pair above the 153.35/40 December high for a buy signal targeting 153.60, 154.10/20 & 154.70/80 (just to start).
First support at 152.75/65 then better support at 152.10/00. A bounce from here shows bulls are still in control but longs need stops below 151.60.

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Bund we wrote: Outlook is still neutral/negative. I think a big recovery is unlikely.

We just held support at 161.61/65 on the open & had one more go at a break higher but topped at 162.00. We then collapsed below support at 161.61/65 to retest last week's low at 161.26/18.

Outlook remains negative.

Bund outlook negative as we retest last week's low at 161.26/18. Further losses are likely & target 160.80/75 then 160.60. Below 160.50 targets 160.25/22.
Holding 161.20/18 allows a recovery to 161.45 but resistance at 161.60/65 likely to hold. However look for a selling opportunity at 161.80/90 with stops above 162.10.

#Bitcoin we wrote: back below the 2 important levels of 16400/500 & 15400/500 keeps the outlook neutral/negative.
We also wrote: below 15000 sees bulls losing control again to test less important support at 14500/300. Below 14200 puts bears back in control targeting 13800/700..

We bottomed at 13900 but the outlook remains negative.

Bitcoin bears back in control targeting 13800/700. A break below here is an added sell signal initially targeting 13200/100. Below here look for 12600/500. A break below 12300 tests 2 week lows at 12050 before the 3 week low at 11160.

Bulls unable to gain control of this market despite a good attempt at the start of this week. Only above strong resistance at 15400/500 is less negative but we need to stabilise above 16400/500 at least, for the bull trend to resume. It would be encouraging above the recovery high of 17300 of course & allows a further recovery towards the all time high at 19550/666. HOWEVER WE STILL HAVE DOUBLE TOP RISK HERE. LONGS COULD PANIC OUT ON THE WAY TO THIS RESISTANCE, SEEING THIS AS THEIR LAST CHANCE BEFORE A COLLAPSE. Bulls need a clean break above 20,000.

Below is a weeks worth of Dax analysis we provided to our subscribers, it will give you a good understanding of the analysis we provide each and every day on over 30 products/pairs.


Dax report from 05 January 2018 Updated at 00:43am GMT

Recap
Dax we called the bottom on Tuesday night & have seen a 300 tick recovery since.

Yesterday we wrote: Outlook remains positive but we need a sustained break above 13060/070 for 13130/140. Remember how well this resistance worked last week? A break higher therefore is another buy signal targeting 13210/220.

We topped just 7 ticks from this target.

January 5th Analysis:
Dax outlook remains positive as long as we hold above 13130/140. We topped just 7 ticks from the 13210/220 target & above here we look for 13250/255 on the way to the December high at 13325/335.

First support at 12140/130 then 13080/070. Downside is expected to be limited but below here look for 13000/12990.

Dax report for 08 January 2018 Updated at 03:24am GMT

Recap
Dax we called the bottom last Tuesday night & have seen a 450 tick recovery since.

We wrote: outlook remains positive as long as we hold above 13130/140. We topped just 7 ticks from the 13210/220 target & above here we look for 13250/255 on the way to the December high at 13325/335.

January 8th Analysis:
Dax higher as expected to test the December high at 13325/335 & top just 8 ticks above. Outlook remains positive despite overbought conditions in the short term. A break above 13360/370 now required to target 13400/405, 13430/440 & 13490/500 before the 13530/533 all time high.

Any profit taking is unlikely to cause any significant move to the downside with first support at 13260/250 but below here a buying opportunity at 13200/190. Stop below 13160. Try longs again at 13120/100 with stops below 13070.

Dax report 09 January 2018 Updated at 01:35am GMT

Recap
Dax we called the bottom last Tuesday night & have seen a 525 tick recovery since.

We wrote: Outlook remains positive despite overbought conditions in the short term. A break above 13360/370 now required to target 13400/405...

We topped 3 ticks above before some profit taking to the December high at 13325/335. We bottomed exactly here.

January 9th Analysis
Dax holding above the December high at 13325/335 keeps the outlook positive. Above 13360/370 re-targets 13400/405 & above here we look for 13430/440 & 13490/500 before the 13530/533 all time high.

Any profit taking is unlikely to cause any significant move to the downside with first support at 13325/335, but below here a buying opportunity at 13260/250. However if we unexpectedly continue lower, try longs again at 13155/145 with stops below 13100.

10 January 2018 Updated at 00:27am GMT

Recap
Dax we called the bottom last Tuesday night & have seen a 535 tick recovery since.

We are losing momentum in overbought conditions but did manage to regain 13400/405 before a top just 8 ticks from the next target of 13430/440.

January 10th Analysis:
Dax severely overbought in the short term after strong gains as we stall but with no sell signal shorts are too risky. The most likely scenario is sideways trading in to the end of the week. First support at 13360/350 but below 13320 risks a slide to the best support today at 13260/250. Try longs with stops below 13220.

Further gains not out of the question despite overbought conditions, although they are likely to be limited. We look for 13430/440 & 13490/500 before the 13530/533 all time high.

11 January 2018 Updated at 01:43am GMT

Recap
Dax we wrote: severely overbought in the short term after strong gains as we stall but with no sell signal shorts are too risky. The most likely scenario is sideways trading in to the end of the week. First support at 13360/350 but below 13320 risks a slide to the best support today at 13260/250. Try longs with stops below 13220.

I think I got away with it as we bottomed at 13219...but I obviously need a recovery today!!

January 11th Analysis:
Dax heading lower was no surprise after my warning yesterday & today I am obviously hoping for a recovery above 13260/250 targeting 13310/320, perhaps as far as 13350/360. A high for the day possible but above retests the 13410/420 high. Just be aware that above 13430 targets 13490/500 before the 13530/533 all time high.

A break below 13220 risks a slide to an excellent buying opportunity at 13155/145. Try longs with stops below 13100. A very unexpected break below 13100 is a short term sell signal targeting 13000/12990.

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#Emini S&P we wrote: First support at 2748/46 but below here targets good support at 2735/34.

Unfortunately we bottomed 2 points above 2735, so may not have been able to get in to long for the bounce to 2754/55...but needless to say the bull trend is the one to follow.

Emini S&P holding above 2746/48 re-targets 2755/57 then 2561/62. On further gains this week look for 2568/69.

First support at 2744/42 could hold the downside. Longs need stops below 2737. Further losses risks a slide to 2728/27. Try longs with stops below 2722. Next buying opportunity at 2712/10. Stop below 2705.

Weekly outlook for Forex pairs. A lot of potential moves this week.

#AUDUSD shorts at our selling opportunity at 7850/60 worked well last week until a break higher on the fourth test for a longer term buy signal. Hold longs.

#NZDUSD longs at 7170/60 offered a profit of up to 100 pips as we topped almost exactly at 7260/70 as predicted. Shorts also worked perfectly as we bottomed exactly at first support at 7225/20 as predicted for an extra 40 pips.

#USDJPY shorts from resistance at 111.75/80 worked perfectly & we got a second chance of Friday at our selling opportunity at 111.60/70 - no excuse for not being short now - hold this position. Outlook negative.

#EURJPY beat the selling opportunity at 134.40/50 with only a 30 pip loss. We wrote: Be ready to buy a break above 134.60 however targeting 135.25/35.
If you managed to buy back in to a long we rallied another 100 pips.

#EURUSD we wrote: above 1.2030 targets 1.2055 before the high at 1.2080/90. Unlikely this will hold & a break higher is a strong buy signal targeting 1.2120 ...1.2160/70 & 20 month trend line resistance at 1.2210/20.
All targets hit as we topped exactly at 1.2210/20.

#USDCAD we wrote: failure to beat 1.2575/85 as expected sees us target the best support today at 1.2495/85 for some profit taking but longs are too risky...If you run the shorts further, below 1.2470 risks a slide to 1.2445/40...
Targets hit!
Outlook remains negative - hold shorts.

#Gold we wrote: re-targets 1321/22 & the high at 1325/26. Further gains target 1330/31 & 1334/35.
We have hit 1339/40 as I write & outlook remains positive.

#Silver having trouble at key resistance again at 1718/20. I do think we will eventually beat 1730 for a buy signal but timing is impossible to know.

#Emini S&P we wrote: bulls remain in full control of course despite severely overbought conditions & what many think are over stretched valuations. However we stick with the trend of course targeting 2774/76, 2785/87 & resistance at 2796/98.
All targets hit & as I write we topped exactly at resistance at 2796/98. Nice!!

#Bitcoin topped exactly at our selling opportunity at 14500/600 to support at 13000/12800 & offer up to 1500 pips profit.
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Join us on February 1st, 2018 for a live event!



On February 1st, 2018 at 8am est / 1pm gmt Jason will be hosting a Youtube Live event. This is your chance to catch a 30 year trading veteran live in action!

Topics to be discussed:

1. Which pairs were the movers and shakers for the month of January?
2. A look ahead: Trade ideas and setups to watch out for in February.
3. Q & A, do you have questions about the markets? Then this is your chance to ask a 30 year trading veteran who has dedicated his life to studying the financial markets.

Here's the catch, yes there is always a catch...

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(If you are already a subscriber there is no need to do anything, you will receive an email a few days prior to the event with details on how to attend.)

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#Bitcoin collapsed exactly as predicted from our selling opportunity at 14500/600 offering incredible profits of up to 5000 pips this week alone.

#AUDUSD higher this week as predicted & holding longs has offered a further profit of up to 125 pips on the pair. Although we have no sell signal it is too risky to hold longs now in severely overbought conditions. Take all profits & wait for the next signal.

#NZDUSD unfortunately bounced above our buying opportunity at 7200/7190 to top 9 pips from the next target of 7340/45. WE HAVE A SMALL SELL SIGNAL IN OVERBOUGHT CONDITIONS SO IF YOU ARE LONG EXIT IMMEDIATELY.

#USDJPY is likely to have made a low for the week at 110.18 exactly as predicted. Profits of up to 140 pips on shorts from 111.75/80 & now up to another 140 pips on this bounce on our longs, as we hold 2nd resistance at 111.45/50.

#EURUSD break above 1.2000/10 was our buy signal last week & we beat 20 month trend line resistance at 1.2210/20 as predicted to hit 1.2322 - a profit of up to 300 pips over the week.

#GBPUSD higher as predicted & with a profit of up to 240 pips at the high of 1.3942 yesterday since our buy signal on the break above 1.3700. Outlook is still positive but we have been hit with some profit taking in severely overbought conditions.


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Bitcoin beat strong resistance at 11600/700 & minor resistance at 12250 to top just 100 pips from our selling opportunity at 13150/250.


DAX did hold above 13230/220 and hit all targets as far as 13430. Further gains expected today and above 13470 targets 13490/500 before the 13530/533 all time high. Obviously this the main challenge for bulls this week but a break higher is likely, for an added buy signal targeting 13590/599 and 13700/710.

First support at 13420/410 but below here tests 13345/335. Look for a buying opportunity at 13270/250, with stops below 13220.

Full Euro Stoxx Analysis can be seen by clicking the link below.
https://www.investing.com/analysis/e...2129?ampMode=1

#FTSE March future unable to follow other markets higher - strong sterling issue?

Sideways yesterday as we topped exactly at first resistance at 7690/7700. Same levels apply for today while we wait for some direction.
FTSE key to direction is first resistance at 7690/7700 which is holding perfectly & risks a slide to first support at 7640/30 (missed by only 8 ticks this week). A break lower today targets a buying opportunity at 7610/00. Try longs with stops below 7585. A bounce from here takes us back to 7635 then 7670.
Any shorts at 7690/7700 need stops above 7720. A break higher re-targets the 7740/45 high. On further gains look for 7770/80 & 7796/99.

Emini Dow testing a longer term trend line resistance in the weekly chart. We are widening the gap from the longer term moving averages which makes me feel uncomfortable in severely overbought conditions, but you would have to be crazy to sell this in such a strong bull trend.
Emini Dow Jones hit the next target of 26290/300, with a new all time high at 26315. HOWEVER we hit profit taking to first support at 26150/140 & bottomed almost exactly here. This is key support today & if you try longs place stops below 26070. Further losses risk a slide to good support at 25950/940.

A break above 26315 targets 26400/410.

A rally of exactly 1600 points (or over 6% already this month) from 24716 seems well over done in such overbought conditions but do not even think about a short position without a very negative pattern. Stick with the bull trend & buy on any weakness.

#Silver broke 1685 for a confirmed sell signal & collapsed very quickly to bottom exactly at the first target of 1675/70. Outlook remains negative as long as we hold below 1710.

#GBPJPY outlook remains positive & holding first support at 154.20/10 allows a recovery to 154.65/75 before the 155.30/38 high.

#GBPUSD higher despite overbought conditions & hits our 1.4000/20 target. On further gains look for 1.4050/55, 1.4085/90 & 1.4110/15.

#USDCAD outlook negative as we have warned for weeks & holding below 1.2445/40 targets 1.2390/80 before the 1.2355/50 low.

Weekly Market Outlook for the trading week January 28th - January 2nd

We have published all of our reports today for free on our website.

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Daily Bitcoin Forecast - 02 February 2018

Bitcoin reaches my target for the last 6 weeks of strong support at 8700/500. Big celebration. This is the only chance for bulls to turn the market around...but I still think longs are risky here. Bear in mind anyone who bought in December & saw enormous gains is now suffering serious losses & panic is setting in. If you have been desperately waiting for a buying opportunity then this is worth the risk but you don't want to hold if we sustain a break below 7900. Next target is 7250/150.

Holding strong support at 8700/8500 (we bottomed exactly here as I write) targets 9200/9250 then resistance at 9500/9600.
Gains are likely to be limited even if we do hold that strong support. It will take a lot to resume the longer term bull trend.
However above 9900 targets 10200/300, perhaps as far as a selling opportunity at 11100/200.

Trade signals for today.

Emini DOw Jones Daily Forecast - 07 February 2018

Emini Dow Jones rocketed from 23200/100 exactly as predicted. I picked the exact low for the correction & we recovered 50%
of the correction in just a day. Outlook positive but we must beat 24950 to target 25080/100, 25150 & strong resistance at
25300/310; the main challenge for bulls today. If this holds we could be starting a bear market. Shorts need stops above 25450.

Failure to beat 25880/890 targets 24710, 24610/600 then support at 24470/450. The downside is expected to be limited but
below 24400 risks a slide to 24340/300.