First off, I want to say a quick sorry for not answering last week’s questions in the comments’ section and for not posting about the webinar. I ended up being really busy last week so I was not able to post.
The webinar I originally planned for Monday, March 2nd will be on Thursday, March 5th. I will post details about the webinar tomorrow.
So, let’s get started with today’s analysis. Again I will be concentrating on GBP/AUD as it is my favorite and most consistent pair at the moment. GBP/AUD has already netted me 82 pips this week.
GBP/AUD Analysis
We have already seen a trade on GBP/AUD this morning. It is highlighted in yellow below, the trade was on the 3hr chart. I missed the trade as I was asleep.
I will be looking for shorts from the 1.9920 and the 1.9770. The 1.9920 is a particularly strong area. We already saw a nice reversal from it earlier this week. The reversal happened too fast and it was only tradeable on the 1hr chart. Since I rarely trade anything below 3hr charts I missed the trade. However, if price approaches the 1.9920 again I will have my eyes on the area looking for a strong reversal setup.
I will be looking for longs from the 1.9630 and the 1.9460. The 1.9630 area is very strong, it has held out against sellers for two weeks. Even today it is holding out against sellers. If price moves completely away from the 1.9630 again, I will look for setups when price re-approaches. If price breaks below the 1.9630 it will become a resistance area and I will look for short setups from the area.
I will be doing some more analysis later this week.
Detailed Analysis Vs. Quick Analysis
I have been chatting with site members about this weekly analysis. While most members say it is helpful, they also say that I do not cover enough pairs…
… I agree with them.
However, it would take too much time for me to do detailed analysis (like the analysis above) for ten pairs.
I asked if doing quick analysis was a better solution and most people said “yes!”. So, this week I will do quick analysis on a bunch of extra pairs.
Key Support & Resistance Areas This Week
EUR/USD: I will be looking for long reversals from the 1.1270 and short reversals from the 1.1470 and the 1.1560 areas. Price is currently sitting on the 1.1350 area so there is not much chance of seeing a reversal there. However, if price pushes away from the 1.1350 and returns to it I will be looking for reversals from that level too.
GBP/USD: I will be looking for long reversals from the 1.5350 and the 1.5450 and short reversals from the 1.5540.
USD/CAD: My support and resistance areas on USD/CAD are not perfect. The pair is currently in a price range that had gone untouched since 2009. This makes it quite tough to place good support and resistance areas. So, if you trade reversals from these areas be careful. I will be looking for long trades from the 1.2400. I will be looking for short trades from the 1.2530 and the 1.2630 areas.
USD/JPY: There is a trade happening on this pair right now from the 118.65 area. It is too late to enter though. I will be looking for short trades from the 119.40 and the 120.30 areas. I will be looking for long trades from the 117.80 area and also the 118.65 area if price pushes away from it and returns.
Do Your Prefer Quick Analysis?
If you like the quick analysis above, I will be able to cover more pairs weekly. So, let me know if you prefer the detailed analysis covering 2-3 pairs or quick analysis covering 5-10 pairs.
Questions
If you have any questions please ask below, I try to answer every question.