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  • Forex Trading Insights: Analyzing Support and Resistance Levels

    Posted by John on November 7, 2023 at 11:32 am

    Introduction

    Dollar Pairs Analysis

    • Dollar bouncing across pairs
    • Great day for yen pairs

    Key Levels

    • Resistance above current price
    • Support at weekly open and 200 MA
    • UJID support at weekly open and 20 MA

    Historical Context

    • First time at highs since October 2022
    • Normal to see pullback before continuation

    Impact of Rate Decision

    • Bullish dollar if interest rates increased
    • Bearish yen pairs if dollar strengthened

    Trade Ideas

    • UJID breakdown retest weekly open
    • EURUSD lost moving averages, support at weekly open
    • AUDUSD trapped between weekly opens

    Conclusion

    • Monitor pairs for volatility around rate decision
    • Consider risk/reward of long/short setups
    John replied 3 months, 2 weeks ago 1 Member · 0 Replies
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