Trading Support and Resistance

Support: 1.1435, 1.1403, 1.1387, 1.1368Resistance: 1.3587, 1.3664, 1.3769, 1.3852AUD/JPYSupport: 128.30, 127.44, 126.88, 126.65Resistance: 1.2812, 1.2901, 1.2959, 1.3025Let us see how trading reversals from one of last week’s key levels could have worked out:I had expected the level at 114.23 might function as support, as it had acted previously as both support and resistance.

Note how these “flipping” levels can work well. The H1 chart below shows how the price rejected this level with a very large, dramaticright at the start of last Wednesday’s New York session , marked by the up arrow in the price chart below. This trade has been nicely profitable, achieving a maximum positiveThat is all for this week. You can trade my forecasts inTop Forex Brokers

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