Forex price action analysis – September 21st 2015

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Sorry about the lack of analysis, I have had a busy few weeks and have not been able to do the analysis as regularly as I would like.

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: My key resistance areas are the 1.1310 and the 1.1420. The 1.1420 formed from the massive bounce we saw last week. However, it does have some history, there was another major bounce from 1.1420 on the 15th of May. This level is really very strong so keep a close eye on it.

My key support areas for EUR/USD are 1.1160 and 1.1010. These are both strong areas, the 1.1160 is especially strong with a massive bounce on September 7th.

GBP/USD: My key resistance areas are the 1.5650 and the 1.5790. My key support areas are the 1.5490 and the 1.5320.

USD/JPY: This pair has been a little messy in the last few weeks. It is still ranging well above normal but it is hard to catch any trades on the pair. However, I am still keeping it on my watch list. My key resistance areas are the 120.50 and the 121.70. My key support areas are the 118.70 and 117.40.

AUD/USD: This pair is one of the most consistent pairs I trade and it is one of my favorite pairs. My key resistance areas this week are the 0.7265 and 0.7420. My key support areas are the 0.7120 and the 0.6920.

USD/CAD: After several weeks without any support and resistance for USD/CAD due to its 10 year highs, we are finally seeing some areas. Keep in mind these support and resistance areas are not perfect, but it does give us something to go on. I only have on resistance areas at 1.3300 and one support at 1.3190 for USD/CAD.

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.