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Monday, January 3, 2011

Support and Resistance Areas This Week

After a nice break away from my trading desk I am ready to get back into the swing of things.  Keep in mind though, that today is a bank holiday, and most of the big traders will not return until tomorrow.  The remainder of this week may remain a bit tricky to trade as trends sort themselves out. 

I've done my research though, and here are some areas of interest that can be pulled from the 4 hour and daily charts for those longer term traders out there.

4 Hour and Daily Charts Support and Resistance

Outlined below are the support and resistance areas I have found for most of the currency pairs.  If these areas break, a pullback may provide an opportunity to open a position.  This information is for informational purposes only.

EUR/USD has resistance at 1.3462, and support at 1.3057.
GBP/USD has resistance at 1.5665/70, and support at 1.5344
USD/CHF has never been this low, at all-time low, moving averages in the 0.94/40 area may provide insight into opportunities to short.
USD/JPY  support is at 81.00, alternatively moving averages may provide some insight into decent entries to short.
AUD/USD is at an all time high, it has already broken 1.0181, so pullbacks to that area could provide a trading opportunity.
USD/CAD has already broken support at 0.99750, so a pull back to that area could provide a trading opportunity to short.
NZD/USD has already broken 77.00, so a pull back to that area could proved a trading opportunity to long.  Alternatively, wait for it to break resistance at 0.7835.
EUR/GBP has resistance sitting at 0.8650
EUR/JPY has resistance at 109.52 and support at 107.562
EUR/CAD has support at 1.3060, and resistance at 1.333
NZD/JPY has resistance at 63.46
GBP/CHF is at an all-time low, previous support, now resistance, sits at 1.44
AUD/CAD has resistance at 1.0195, which is a triple top.
AUD/NZD has resistance in the 1.3170 to 1.3207 area.

Let me know if you find this information useful, I can certainly post my findings of support and resistance zones as a regular feature to my blog if there is interest. 
Thanks, and happy trading!

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