Support & Resistance
January 28, 2010
FX Monte
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Chart Analysis
Taking a look at the GBP/USD daily there is a clear past support now providing resistance. It’s a good idea to draw these out on your charts so when trading the smaller time frames you can avoid these areas. Or possibly if you have a strategy you can trade in the opposite direction once the market has hit these levels. Either way it will greatly help you in your overall trading.
Analysis
Trending markets are the best to trade. Though in trending markets, it seems that many traders stand on the side lines because they are always looking for the turn around. But even in trending markets there are support and resistance opportunities.
As always with all strategies patience and discipline comes into play. Insure that you let your trades play out and give yourself a chance to succeed.
Market Forecast
26 TUE
January 2010
| EUR/UD | GBP/USD | USD/JPY | USD/CHF | USD/CAD | AUD/USD | NZS/USD | |
|---|---|---|---|---|---|---|---|
| Resistance 3 | 1.4578 | 1.6515 | 92.66 | 1.0507 | 1.0745 | .9320 | .7443 |
| Resistance 2 | 1.4555 | 1.6476 | 92.42 | 1.0503 | 1.0697 | .9278 | .7408 |
| Resistance 1 | 1.4413 | 1.6457 | 92.03 | 1.0497 | 1.0576 | .9253 | .7398 |
| Current Price | 1.4150 | 1.6289 | 91.37 | 1.0442 | 1.0484 | .9137 | .7221 |
| Support 1 | 1.4084 | 1.6210 | 90.78 | 1.0229 | 1.0244 | .9122 | .7193 |
| Support 2 | 1.4068 | 1.6062 | 90.30 | 1.0168 | 1.0239 | .9097 | .7143 |
| Support 3 | 1.4045 | 1.5915 | 90.23 | 1.0137 | 1.0223 | .9091 | .7069 |
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