We were looking for the markets to fall last week and they did. We have a few quality demand levels on a range of pairs this week so we’re watching for how these levels will play out.
AUDNZD – Long/Short
AN is currently in between two levels. We are closer to supply than we are demand at the moment and price made a strong move up at the end of last week. If price continues in that fashion then we’ll watch for a reversal.
EURNZD – Long
EN turned just 30 odd pips shy of the demand level we we’re watching last week but the level is still valid so I’ve left it on the list along with the one below it.
EURUSD – Long
EU dropped into demand last week and began to rally. There a trouble spot in the way to be wary of but other than that the path looks ok.
GBPUSD – Long
Price is heading down to demand and whilst it’s a long way off, if price continues to fall as it has been will red candles only then we’ll look for a reversal from the level.
USDCAD – Long/Short
USDCAD has formed a demand level so there could be a bounce there. It’s worth noting where we’re at on the weekly chart as this could have a big impact on whether or not the demand level will hold. If it doesn’t hold then we could be on for shorts down through the profit zone.
USDJPY – Long
Nice looking level on UJ here with a very strong rally up then engulfed previous supply levels and created new highs. One to watch on return.
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