We have had a mixed week so far, some good trades, some bad trades, but nothing terribly exciting. However, the week is still young, things don’t often take off until Wednesday and Thursday with my strategy.
So, should we be gearing up for an awesome Thursday? Probably not…
… This Thursday might be boring as it is NFP (Non-Farm Employment Change) week, price action can be sluggish on NFP week.
Support and Resistance Areas
To make use of the analysis below, you need to understand how I use support and resistance in my trading. In their most basic form, support and resistance areas are used to enter trades; resistance is used to enter short trades, and support is used to enter long trades.
So, when price hits resistance and indecision forms, I might enter a short trade; when price hits support and indecision forms, I might enter a long trade.
If you are new to my strategy, you should check out these three webinars before using the analysis below. You should also have a quick read through the free price action strategy section.
You can also check out a full list of my support and resistance areas.
So, let’s get started with today’s analysis.
Key Support & Resistance Areas This Week
GBP/KRJ: My key resistance areas for GBP/KRJ are the -1.0290 and the -2.0221 areas. My key support areas are the -0.5421 and the 0.0000 area. GBP/KRJ is pretty much my favorite pair at the moment, so keep a close eye on it.
GBP/AUD: My key resistance areas for GBP/AUD are the 1.9460 and the 1.9630 areas. The 1.9460 has already had a large bounce this week, unfortunately, I missed the trade. My key support areas are the 1.9340 and the 1.9220.
EUR/USD: Support and resistance has been adjusted again on EUR/USD this week. I know it gets confusing when the areas are constantly moving. However, it is tough placing good support and resistance on EUR/USD at the moment, as price is at lows it has not touched since 2003.
My key resistance areas for EUR/USD are 1.0825 and 1.0990, and my key support areas are 1.0650 and 1.0500.
GBP/USD: I only have one clear support area for GBP/USD, and that is the 1.4755. My resistance areas for GBP/USD are 1.4850 and 1.4960.
USD/JPY: Some people in the forum already shorted USD/JPY this week for a nice little profit; I did not like the setup, so I skipped it. Honestly, I am not a fan of USD/JPY, I would guess that in my trading career I have taken ten trades or less on this pair. However, since so many people love it, here are some key areas:
My key resistance areas for USD/JPY area 120.10 and 120.80. My key support areas for this pair are 119.40 and 118.60.
AUD/USD: I only have one key support area for AUD/USD at the moment, the area is 0.7580. My key resistance areas for AUD/USD are 0.7660 and 0.7760.
Questions
If you have any questions please ask below, I try to answer every question.