I have had a busy few weeks with the recent webinar on support and resistance. Now that things have quieted down I can get back to doing the weekly analysis. First, let me explain how this analysis works.
Support and Resistance Areas
I use my own support and resistance areas along with some very specific candle patterns to take awesome reversal trade…
… I explain my strategy in detail in the Forex price action strategy section. I will also link to a few webinars below.
Unless you understand my strategy, you should not use these support and resistance areas. If you do understand my strategy, here is a quick refresher on how to interpret this analysis.
I will be sharing key support and resistance areas for each pair listed below. The key resistance areas are levels at which I will enter a short trade if the appropriate set up forms. The key support areas are areas in which I will take a long trade if the appropriate set up forms. So, remember resistance is for short reversal trades and support is for long reversal trades.
You can also check out a full list of my support and resistance areas. This will help you to identify levels at which price may stall and possibly reverse.
If you want to know more about how I trade, check out these three webinars covering my free reversal trading strategy.
So, let’s get started with today’s analysis.
Key Support & Resistance Areas This Week
GBP/AUD: My key resistance areas for GBP/AUD are the 1.9075 and the 1.9225 areas. My key support areas are the 1.8860 and the 1.8690.
You may notice a bounce that looks like a trade from the 1.8860 support area. However, I only placed support at 1.8860 after price bounced today. So there has been no trade yet on GBP/AUD this week.
EUR/USD: EUR/USD has fallen like a rock in the last few weeks, making it almost impossible to place good support and resistance areas. Now that EUR/USD has bounced back, support and resistance is starting to show.
My key resistance area for EUR/USD is 1.1000. I do not have any other resistance nearby for EUR/USD. My key support areas are 1.0825 and 1.0650.
GBP/USD: There has already been a long trade on GBP/USD this week from the key support area at 1.4845. I will continue to watch 1.4845 and the 1.4740 as key support areas. The key resistance areas I am watching this week are 1.4970 and 1.5045.
USD/JPY: I do not usually trade USD/JPY. However, people keep on asking me for analysis on this pair, so I am giving in. The key resistance areas I am watching are 120.10 and 120.80. The key support areas I have for this pair are 119.45 and 118.70.
AUD/USD: My key resistance areas for AUD/USD are 0.7910 and 0.7990 and my key support areas are 0.7830 and 0.7760.
Questions
If you have any questions please ask below, I try to answer every question.