Forex price action analysis – April 8th 2015

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I hope you all enjoyed your Easter break. This year, I decided to extend my Easter holiday by a day; so, I’m only getting back to trading today.

Honestly, I haven’t really looked at the charts much this week, so I’m not sure if there’s been any trades yet. A few people in the forum entered a GBP/USD trade on Monday, however, things have been pretty quiet since. This is normal though, my strategy doesn’t give us many trades until Wednesday and Thursday.

Support and resistance areas

To make the most of this analysis, you need to understand price action, and how to use support and resistance areas. Basically, support and resistance are predefined areas in which price will probably struggle to break through. A support area is full of buyers and sellers will struggle to break through it. A resistance area is full of sellers and buyers will struggle to break through it.

However, it’s not as simple as buying at support and selling at resistance. We need to see the right candles forming in these areas before we enter a trade.

This is starting to sound a little confusing isn’t it?

Well, good, if I could summarize my entire strategy in two paragraphs, it wouldn’t be much of a strategy.

So, where can you learn about my strategy? First, you should also read the basics of my strategy in the free price action strategy section. You should also check out these three recent Price Action webinars I hosted.

So, let’s jump in to today’s analysis.

Key Support & Resistance Areas This Week

GBP/AUD: This is still one of my favorite pairs, this year I have won almost every trade have taken with this pair. My key resistance areas for GBP/AUD are the 1.9460 and 1.9630. My key support areas are the 1.9340 and the 1.9230.

EUR/USD: Support and resistance is still a little iffy on EUR/USD. The problem with EUR/USD is that price is currently at 12 year lows. This makes it hard for us to find decent support and resistance; however, the longer price spends at these lows, the clearer support and resistance becomes.

My key support areas for EUR/USD are the 1.0825 and the 1.0650. As for resistance, I only have one area at the moment, the 1.0990.

GBP/USD: My support areas for GBP/USD are 1.4850 and 1.4755. My resistance areas are 1.4960 and 1.5040.

USD/JPY: This pair has not changed from last week. My key support areas for are 119.40 and 118.60. My key resistance areas are 120.10 and 120.80.

AUD/USD: My key support areas are 0.7660 and 0.7580. My key resistance areas for AUD/USD are 0.7760 and 0.7830.

Questions

If you have any questions please ask below, I try to answer every question.