Identifying key support and resistance levels is an essential part of technical analysis in forex trading. Support and resistance levels are areas on a chart where the price has historically had difficulty breaking through, either on the way up or on the way down. Traders use these levels to identify potential buying and selling opportunities.

One of the challenges with identifying support and resistance levels is that they can vary depending on the timeframe being analyzed. Here are some tips for identifying key support and resistance levels on different timeframes:

Weekly and monthly timeframes: On longer timeframes, such as weekly and monthly charts, support and resistance levels tend to be stronger and more significant. Look for areas where the price has previously bounced off a particular level several times. These areas are likely to be key support and resistance levels.

Daily timeframe: On the daily timeframe, support and resistance levels are still important, but they may not be as strong as on longer timeframes. Look for areas where the price has previously bounced off a level or where there has been a consolidation or a range. These areas are likely to be key support and resistance levels.

Intraday timeframes: On intraday timeframes, support and resistance levels can be more challenging to identify. Look for areas where the price has previously bounced off a level or where there has been a consolidation or a range. These areas are likely to be key support and resistance levels.

Multiple timeframes: One way to confirm key support and resistance levels is to look at multiple timeframes. If a level is significant on several different timeframes, it is more likely to be a key level that traders are watching.

Overall, the key to identifying support and resistance levels on different timeframes is to look for areas where the price has previously had difficulty breaking through. These levels can be used to identify potential trading opportunities and to set stop-loss and take-profit levels.

Looking to learn about forex? Take our crash courses at our Forex University. If you’re looking to setup a demo trading account then click here. Finally, if you’re looking for Forex Signals, Forex Portugal provides free & premium signals on-demand.