Over the last year GBP/AUD has become one of my favourite pairs to trade. GBP/AUD is very consistent and as it is a fast moving pair the trades are usually worth a lot of pips.
So in this analysis and in much of the analysis in the coming months I will be covering GBP/AUD.
GBP/AUD Analysis
GBP/AUD is currently at highs it hasn’t seen since 2009. Since the pair is at five year highs I have no resistance areas beyond the 1.9600 level.
The good thing is GBP/AUD is heading down and there is a fair bit of support areas. If you want to check my support resistance areas for this pair and all the other pairs I trade visit this page.
This week I’ll be looking for long reversal trades from the 1.9460 support level and 1.9340 support level. You will notice these levels marked in green in the image above. Both these areas have proven to be quite strong in the last few weeks. In fact, there is a possible indecision candle forming on the 1.9460 level as I write this analysis.
For short trades there is less opportunity. All I can see is the 1.9600 level at the moment. However, this resistance area led to two awesome trades last week. You can see the two trades highlighted in yellow in the image above.
So in summary, 1.9460 and 1.9340 for long reversal trades and 1.9600 for short reversal trades.
EUR/USD Analysis
I have just drew some fresh support resistance areas on EUR/USD this week. You can check the out on the support and resistance areas page.
I will be looking for long trades from the 1.1270 support area this week, it is marked in green. The 1.1150 marked in blue on the image above is a “maybe” support area. I am not too sure about it but I might be willing to take a trade from it if I see a very strong setup forming on the area.
For short reversal trades I am watching the 1.1350 and the 1.1480 resistance areas. These are marked in red in the image above.
I will share some more analysis in the coming days.
Questions
If you have any questions please ask below, I try to answer every question.