Welcome back to ACY Securities' five-part educational series on Price Action Trading, hosted by Nathan Bray. In this second session, we delve into two fundamental concepts in trading: support and resistance. These concepts are crucial for anyone looking to enhance their trading strategy.
Introduction to support and resistance: Learn how to identify support (a level where a downtrend can pause due to buying pressure) and resistance (a level where an uptrend can pause due to selling pressure).
Practical examples:
- Analysing the Aussie-Yen (AUD/JPY) chart to identify resistance on different timeframes.
- Understanding the role of historical price levels in predicting market behaviour.
- Using indicators to simplify the identification of support and resistance levels.
Combining trends with support and resistance:
- Explore how combining these concepts can enhance your trading decisions.
- Practical demonstration on gold and AUD/USD charts to illustrate buying and selling strategies based on these levels.
Real-world application:
See real-time chart analysis and understand how to apply these concepts to your trading strategy. Whether you’re a beginner or an experienced trader, this video offers valuable insights to improve your market analysis and trading decisions.
RISK WARNING: Foreign exchange and derivatives trading carry a high level of risk. Before you decide to trade foreign exchange, we encourage you to consider your investment objectives, your risk tolerance and trading experience. It is possible to lose more than your initial investment, so do not invest money you cannot afford to lose。 ACY Securities Pty Ltd (ABN: 80 150 565 781 AFSL: 403863) provides general advice that does not consider your objectives, financial situation or needs. The content of this website must not be construed as personal advice; please seek advice from an independent financial or tax advisor if you have any questions. The FSG and PDS are available upon request or registration. If there is any advice on this site, it is general advice only. ACY Securities Pty Ltd (“ACY AU”) is authorised and regulated by the Australian Securities and Investments Commission (ASIC AFSL:403863). Registered address: Level 18, 799 Pacific Hwy, Chatswood NSW 2067. AFSL is authorised us to provide our services to Australian Residents or Businesses.
Editors’ Picks
EUR/USD trims gains, nears 1.1700
The EUR/USD pair eases in the American afternoon and approaches the 1.1700 mark. The pair surged earlier in the day after the ECB left interest rates unchanged and upwardly revised inflation and growth figures. The US CPI rose 2.7% YoY in November, nearing Fed’s goal.
GBP/USD returns to 1.3370 after BoE, US CPI
The GBP/USD pair jumped towards the 1.3440 early in the day, following the BoE decision to cut rates, and US CPI data, which was much softer than anticipated. The US Dollar, however, managed to regain the ground lost during US trading hours.
USD/JPY rises to near 156.00 ahead of US CPI data, BoJ policy decision
USD/JPY moves higher to near 156.00 in the countdown to the US inflation data. Fed’s Bostic sees inflation more worrying than the job market. The BoJ is expected to raise interest rates by 25 bps to 0.75% on Friday.
Editors’ Picks
EUR/USD trims gains, nears 1.1700
The EUR/USD pair eases in the American afternoon and approaches the 1.1700 mark. The pair surged earlier in the day after the ECB left interest rates unchanged and upwardly revised inflation and growth figures. The US CPI rose 2.7% YoY in November, nearing Fed’s goal.
GBP/USD returns to 1.3370 after BoE, US CPI
The GBP/USD pair jumped towards the 1.3440 early in the day, following the BoE decision to cut rates, and US CPI data, which was much softer than anticipated. The US Dollar, however, managed to regain the ground lost during US trading hours.
Gold extends its consolidative phase around $4,330
The bright metal cannot attract speculative interest on Thursday, despite central banks announcements and the United States latest inflation update. XAU/USD is stuck around $4,330, confined to a tight intraday range.
Crypto Today: Bitcoin, Ethereum hold steady while XRP slides amid mixed ETF flows
Bitcoin eyes short-term breakout above $87,000, underpinned by a significant increase in ETF inflows. Ethereum defends support around $2,800 as mild ETF outflows suppress its recovery. XRP holds above at $1.82 amid bearish technical signals and persistent inflows into ETFs.
Bank of England cuts rates in heavily divided decision
The Bank of England has cut rates to 3.75%, but the decision was more hawkish than expected, leaving market rates higher and sterling slightly stronger. It's a close call whether the Bank cuts again in February or March.
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