Hey team,
I'm taking a step back today and focusing on the daily zones on each of the forex majors.
These zones form the basis of all of my daily market analysis blogs and by using my simple forex support and resistance trading strategy, we can hopefully make some money trading around them.
I focus most of my trading on the forex majors because they're the most liquid currency pairs and therefore the most predictable. Especially around higher time frame support/resistance zones.
Daily Support and Resistance Zones
The zones shared are going to be pretty clear, but they're worth taking note of as they're going to be used in my daily analysis throughout next week.
Let's get into it.
EUR/USD
- Long since through daily resistance.
- Pulling back with a possible chance to use previous resistance as support for a fresh entry.
GBP/USD
- Pushing up against a daily resistance zone.
- The zone just below is a little messy, so I won't be touching that one with a 10 foot pole if price does reject here and moves lower into it.
AUD/USD
- Also right up against daily resistance.
- This one looks cleaner, with a little more fresh air between zones.
- Definitely another one for a possible entry this week.
USD/JPY
- Has been retesting daily support as resistance.
- Already in play for aggressive traders, if you've been following the blog.
I want to encourage you to place the same zones as me on your charts and then scroll back to see why I've placed them there.
You'll see that they're just drawn from very clear spikes on the chart where price has turned. The more of a V shape, the better.
Start drawing them on your own daily charts, and you'll soon figure it out pretty quick.
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.