In today’s Forex price action analysis we will look at a few pairs, starting with GPB/USD. If you want to see my support and resistance areas for these pairs, please check out the support and resistance areas section.
GBP/USD Analysis
We have already had a trade on GBP/USD this week. The first candle of the week gaped up by around 10 pips on the four hour chart. After the gap, price fell back down to our 1.5620 support area and formed indecision…
…This lead to a pretty awesome trade which you can see in the image below.
The 1.5620 support area has proved to be quite strong. Price is heading to the area right now. I will be looking to take a long reversal if we see indecision forming on the 1.5620 area. If price drops down to the 1.5540 area, I will also be looking to take a long reversal trade.
What about short trades?
Well, if price makes it’s way back up to the 1.5720 I will be looking to take a short reversal. I am also keeping an eye on the 1.5820 area for short reversals.
GBP/AUD Analysis
GBP/AUD has been a very good pair to trade recently. However, this week it has been stuck in a boringly tight range. Regardless, I will still be looking for some trades from this pair. In the image below, the red highlighted areas show resistance, the green support.
I will be looking for short reversals from the 1.8540 and the 1.8660. I will be looking for long reversal from the 1.8370 and the 1.8240 areas.
Please keep in mind that the indecision currently sitting on the 1.8540 is not valid. An indecision candle is only part of a valid set up if there is a preceding trend. The current indecision candle has no preceding trend.
If you want some more clarification on this please check out my free price action Forex strategy.
AUD/USD Analysis
AUD/USD has also been a great pair to trade in recent weeks. Currently I do not have area lower than the 0.8430 for AUD/USD. I may add some soon, so keep an eye on the support and resistance section.
For AUD/USD short reversal I will be monitoring the 0.8510 and 0.8590 resistance areas. For long reversal trades I will be looking at the 0.8430 support area.
Any questions?
I may be doing some additional analysis on more pairs late on in the week.
I hope you found this analysis useful, if you have any questions please ask using the comment form below.