Forex Trading Insights: Analyzing Support and Resistance Levels 11-1-23

Transcript

So today we got a lot of action not only with the dollar but we also got a lot of action with all of our yen pairs. With all of them bouncing today. It was definitely a great day for anything being paired against the yen as well as all of our dollar pairs.

And so what we have is we have for the dollar we get a lot of action above this area pushing up before pulling back deep pullback. And so with the results that are going to be coming out and the decision that is going to be made publicly as it pertains to the interest rate decision, with that we do have this area here on watch, we do have supportnow underneath price action with the weekly open. So now the individuals that bought at the top of the week, they are now in the green.

So for this that took place, this nice bounce that occurred off of the 200 moving average, we have that continuing here. We have it right here underneath the minor quarter area and then underneath the minor quarter area we have support with the weekly price. And then we also have the UC idea.

The UC idea is currently falling below the weekly Open. It’s falling below the weekly open. It did get a bounce off of its 20 period moving average which also coincided at the time with the minor quarter area.

So the minor quarter area as well as the 20 p moving average all worked in unison together in order to cause for this bounce that we saw to take place here. To take place again, we talked about how long ago it was since price was at these highs. So we talk about this as far as top of the year and then we talk about over here last year this time.

So last year October was the last time it was up at these highs. So it’s natural that we’ll see a slight pullback before a continuation up. If the news comes in and is bullish for the dollar, we also see confirmation in the pullbacks that are occurring.

As far as those things that are paired against the dollar, we have a nice occurring here. As far as with the 20 pin moving average acting as support, we do have 121 acting as support. So again if something bullish does come out as news for the dollar as it pertains to what’s going to be decided, then we could see this breakdown through that area.

And with that we have that 121 area acting as support. And then we also have on to the downside as far as the trade idea for a breakdown of its moving averages coming back down to retest this weekly Open, which is exactly what it did the last time that it bounced. It bounced up to 122.

After bouncing to 122, it came back down to retest weekly open. After retesting the weekly open it then bounced right back off of that. So currently it is still holding on to its 20, not its 50 at this moment.

For the EU ideal we have something very similar where it lost those moving averages and now is underneath all outfits moving averages. But it’s finding support temporarily here at the start of the week’s Open. And then we also have here for the au idea right now, right above is weekly Open.

I started off pushing the week up and then pulled back to last week’s Open almost with the report that is coming out tomorrow for the dollar. Again, these ideas are looking like they have more of a bearish bias, but again there’s going to be a variation depending on not only the pair, but also what it is that the dollar does indeed decide to do as it pertains to the rate. And for this one, this was in absolute flush mode.

Nice bounce, collected two moving averages, lost both of them, and came back to the weekly Open. After coming back to the weekly Open, it then took out the end of the week close as far as the end of the week low for last week and then proceeded to bounce from there. So right now it’s trapped in between last week’s Open and this week’s Open.

So it’s up for people that bought this week, but it’s still down for people that bought last week. So something to keep your eye on for an idea to potentially take either way, depending on the type of risk reward scenario you would like to set up for yourself. These are the ideas that we do indeed have and that we are watching at this time.