Daily Forex price action analysis – 2016-01-20

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In today’s analysis I point out a potential long trade setup forming on the AUD/USD 8hr chart. I also point out a potential short trade forming on the USD/CAD 6hr.

Both trades setups look great, but the USD/CAD setup is forming on the 1.4630 resistance area, which makes the trade risky. In the analysis video I explain why trading from the 1.4630 area would be risky.

The AUD/USD long trade setup looks much better, it is forming on the 0.6850 support area, which has shown itself to be very strong in the last two weeks. I will be monitoring AUD/USD closely today.

If you want to take these trades too, you need to understand my strategy first, you do not want to jump in blind. Below this video are links to my free trading strategy and other important links.

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How to use this price action analysis

If you are new to price action trading, have a look at my Forex trading strategy.

You can also browse through the countless hours of price action webinar recordings here.

My support and resistance areas

Check out my support and resistance areas here.