Forex price action analysis – August 4th 2015

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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.

Key Support & Resistance Areas This Week

EUR/USD: A trade triggered a few hours ago from the 1.0945 support area. I was still half asleep when it triggered and I felt that entering a trade while not fully alert was a bad idea. It seems like the trade is going well so far though. I will be looking for more bounces from the 1.0945 this week.

My key resistance areas for EUR/USD are 1.1070 and 1.1200. My key support areas are 1.0945 and 1.0820.

GBP/USD: My key resistance areas for GBP/USD this week are 1.5650, and 1.5770. My key support areas are 1.5560, and 1.5460.

USD/JPY: Key resistance is 124.00, and 124.80. My key support areas are 123.35 and 123.60 for USD/JPY.

AUD/USD: Key resistance is 0.7400, and 0.7480. My key support areas are 0.7330 and 0.7270.

USD/CAD: USD/CAD is at six year highs which means I have no areas for it at the moment.

Questions

If you have any questions please ask below, I try to answer every question. I know I have been missing a few questions lately but I am working on something to solve that.