Last week I was looking for longs on GU and suggested possible shorts on the Aussie. AN did indeed fall and indicated and GU did rally before dropping and. I managed to trade long and exit before price reversed and gave back most of the gains it made. This week the Aussie could still be in play so I’ll discuss the opportunities below:
AUDNZD – Short
I talked about waiting the engulf of the DP on AN last week before thinking about shorts. Price engulfed the DP and fell and now has since rallied. There is still room to fall so we could see further shorting opportunities.
EURJPY – Short
The daily supply is still on the radar as price made a move up towards it last week. I traded on the way up and exited after trailing the 15m with my SL. I’ll continue to monitor to see how price arrives and reacts at the supply level.
GBPJPY – Long
GJ fell heavily last week and is heading towards the demand I marked up a few weeks back. The move was a strong one so I’ll be watching to see whether or not price will bounce of if the level will be engulfed. As always PA will shows us the way.
Premium members can login to the forum for the detailed analysis which looks at the lower time frame levels we are watching to confirm entries, and the other setups we have for this coming week. There is no video this week only because I am away in North Wales this weekend and the wifi available will not allow me upload video. Normal service will resume next week