At this time of year many people are winding down and looking forward to spending time with friends and family. The markets can have less liquidity and trading opportunities might be few. Some traders avoid trading at all at this time for those very reasons. Having said all that. There are some supply and demand levels which are of interest and I’ve marked them up as usual in case we have trading opportunities in the coming week so here goes:
AUDJPY – Short
So I’ve taken a few shorts on AJ over the past couple weeks which have worked out nicely. Price has since hit a demand level and has been rallying so we went long in the members area last week. The next decent shorting opportunity can be seen in the image below so if you missed the recent long, maybe you can catch the next short.
CADJPY – Short
CADJPY is showing a nice looking supply level after engulfing a decision point. The move back up was from both weekly and monthly resistance levels so price could always move higher than the daily supply I’ve marked up. I’ll be sticking to the plan and waiting for the arrival of price and confirmation and we’ll see what’s in store.
EURCAD – Long
EC is a big mover as we know and now it’s heading down to a demand level. If it continues as it has been falling already then we could see a nice long.
EURNZD – Long
EN is on it’s way back to a demand level which had a big reaction on the first visit. I will take trades from daily SD levels up to the second touch and considering price didn’t go too deep into the level the first time around, there could well be a similar reaction on a second touch
GBPCAD – Long/Short
GC has been falling from supply and there is demand below. I’ll be watching for shorts on the way down and longs when price reaches the demand.
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