Identifying support & resistance: my first analysis of major currency pairs

Today, I tried to identify support and resistance levels on all the major currency pairs. This is what I came up with. Curious if this aligns with what others are seeing?

Currency Pair Major Resistance Zone Minor Resistance Zone Major Support Zone Minor Support Zone
EUR/USD 1.1200 1.1000, 1.0800 1.0336, 1.0629 1.0812
USD/JPY 162.000 159.000, 156.000 139.000 148.000
GBP/USD 1.3436 1.2700 1.2300 1.2400
AUD/USD 0.7100 0.6900, 0.6700 0.6300 0.6400
USD/CHF 0.9200 0.9100 0.8300 0.8800
NZD/USD 0.6300 None 0.5500 0.5700
USD/CAD 1.4500 1.4300 1.4000 1.3700

Hi @ohohjacob,

You focus on too many pairs. Better to focus on up to 4 instruments.
Major usually define on strong TF. mostly on D1 or H4, depend on your skill observing the chart.

Here is my major in D1 GBPUSD.

Screenshot from 2025-01-27 12-51-36

The major resistance is around 1.24 - 1.25
The major support is around 1.20xxx. The support is considered as weak support, as it’s during downtrend, can be broken anytime, depend on fundamental.

When you have strategy, go to LTH, look for SnR, that will be your minor.
Major and minor rarely are used in the same TF, unless you are able to see HTF from LTF.

The minor can be different base on what type of strategy, I’m into.

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Thank you for this feedback!

If you’re new to trading forex, I highly suggest starting with the most liquid pair EURUSD and deep dive into the mechanisms of trading.

  1. Supply and Demand zones (S&D zones)

Which timeframes are your S&D zones based on? What you want to do is to start off with the yearly candlestick, marking off the extreme high and low of the year, and making your way down to month, week and then focusing on major zones in the daily chart. Once you are done with those major timeframes, switch over to 4H and 1H charts to mark out potential S&D zones, identified by multiple candles trading within that price range.

  1. Next step, fundamentals.

Now that you are done with a basic framework of technical analysis, you got to be aware of the fundamental events at play that would disrupt your trading system. Take note of red events such as CPI, GDP, NFP, Unemployment Claims releases and, in my personal opinion, avoid trading during these periods.

  1. Understand the correlation of the other pairs

There are some pairs out there that can be used to gauge the sentiment of EURUSD, such as the DXY (the US dollar index) and XAUUSD (gold, an alternative to USD). Learn to read them to find correlations and confluences.

I hope these tips will help you out with your trading in general!

SIA

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