Good morning guys. Today is Monday when the forex market usually is quiet and it´s also the middle of the summer holiday season which makes the price action even less predictable. Whether you are a follower of our forex signals or trade based on your own forex analysis, we wish you an easy and successful week. Here are a few support and resistance levels to give you that little edge while you trade forex.
AUD/USD – We just opened a short term sell forex signal in this forex pair so let´s have a look at it first. 0.7680 is the first resistance level and we´re just below there. Above that comes 0.77, 0.7720-30, 0.75 and 0.78 which is quite a strong resistance level. The first support comes at 0.7630 which is where the 200 smooth moving average stands on the daily chart. It used to be a strong resistance level, which has now turned into a support level which we can tell by the swift reverse after this forex pair dipped this morning.
EUR/USD – We are hanging around 1.1170 at the moment, just below 1.1180 which is the first resistance level. Above that comes last Friday´s high at 1.1220 which has provided resistance a couple of weeks ago as well. 1.1250 and 1.1280 are mild resistance levels before 1.13. Support is first provided by the 50 moving average on the hourly chart at 1.1150, then comes 1.1120, 1.11 and finally 1.1050.
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