Forex price action analysis – May 27th 2015

How to use this analysis

Unless you have used my price action strategy before, you should not use these support and resistance areas. If you want to know more about how I trade, check out my free price action strategy.

So, let’s get started with today’s analysis.

Key Support & Resistance Areas This Week

EUR/USD: Sellers have had a lot of fun with EUR/USD over the last week and a half. I am feeling like I should get back into break out trading. However, that probably wont happen for the time being. My key resistance areas for EUR/USD are the 1.0990 and the 1.1130. My key support areas are the 1.0870 and the 1.0740.

GBP/USD: This pair has been a good pair to trade over the last few weeks. It looks like it may continue to move nicely this week. My key resistance areas for GBP/USD this week are the 1.5510 and the 1.5660. My key support areas are the 1.5260 and the 1.5120.

GBP/AUD: This pair has been getting a little boring. There was a few months ago, GBP/AUD was giving me several trades per week, now, nothing. I haven’t given up on it yet though! So, my key support areas are the 1.9730 and the 1.9590. As for resistance, I have no viable resistance areas above the 1.9890.

USD/JPY: Sorry, I do not have anything for USD/JPY this week. I would not want to oppose that crazy bullish trend though.

AUD/USD: My key support areas for AUD/USD are the 0.7705, and the 0.7630. My key resistance areas for AUD/USD are the 0.7760, and the 0.7830.

Questions

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12 thoughts on “Forex price action analysis – May 27th 2015
  1. Do your support and resistance numbers come from 8hr charts? If not, what period?
    Thanks, John

  2. Hello Nick,

    Thank you for your regular e-mails and information about your price action strategy. I have been receiving and reading your newsletters and articles since 2010. Can you please write a straight to the point e-book showing trade examples on how to use your price action strategy?

    Thanking you in anticipation of your prompt and positive response.

    Isaiah Dada

  3. Hi Nick,
    Much appreciated and thank you for being so kind to share and mentor all. Keep your excellency.
    Regards
    Parta

  4. Nick,

    How are we supposed to trade this information?

    AUD/USD you say .7705 is a support area.

    How does this information help us to find an entry. Are we supposed to go long at .7705 with a stop below. What is the stop, what is the target price. Your advice seems vague to put it mildly. Its not exactly difficult to find an approximate area on a chart where the price previously bounced from but the range might be 30 or 40 pips.

    Isn’t your method very exact?

      1. So as USD/AUD failed to find support at .7705 this was a 30 or 40 pip losing trade – is that how this works?

  5. Made $120 on AUDUSD, using support are 0.7630. I set my buy stop about 17 pips a way and this morning Iogged on and saw a profit of $120, which I took. Thanks, Nick!

    Regards,
    Dane

  6. Hey Nick. thanks so much. I’m still just studying your strategy but your hard work is much appreciated.