This week we’re looking for a number of potential shorts. Some are from supply and one is from an engulf which is just as valid.
AUDNZD – Short
AN has engulfed both of the potential daily demand levels we were looking at last week. Below those levels we have some profit potential so I’ll be watching the lower time frames for confirmation of a short.
CADJPY – Short
CJ produced a supply level last week and price has been heading back up to it. Price made a significant gap away from the level so there seems to be have been a significant imbalance. Definitely one to watch.
EURJPY – Short
During the big fall in price on EJ a few weeks backs, price produced a drop base drop also with a large gap like on CJ. I’m watching this one to see if we get a reversal on return.
GBPUSD – Short
GU has also formed a drop base drop on the daily chart and whilst there was a smaller initial drop than we normally see on these setups, there’s still over 100 pips to the next turning point so it’s worth watching.
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