AUDCAD surprised us last week by rallying instead of falling like it began. It didn’t reach our level so there weren’t any trades on that one. There was a short on USDCAD though as it headed towards demand and a long on GBPJPY. There’s plenty more for this week too.
AUDCAD – Short
So AC decided to rally instead of fall to demand last week and it’s arrived at a bit of supply. Price arrived with green candles only indicating that should price fall it may have an easy time doing so. We’ll see how price reacts at this supply and whether or not it travels back down to demand.
EURAUD – Long
EA is heading back to a demand level on the daily chart. The demand has a level test right near that start before the initial rally and one other touch so far. At the moment price is arriving with red candles only and if it continues in the same fashion then I’ll be interested in the reaction when it hits the level.
EURGBP – Short
EG has engulfed demand on the daily which is normally a bearish signal. Price tried to get higher but failed to do so there it looks like demand is turning into supply. There’s compression below with a number of levels having been tested already so we could see price fall through the area. I’ll watching for PA to show the way as usual.
EURJPY – Long
EJ is heading towards demand at the moment continuing it’s descent. If we scroll to the left we can a clear green candle indicating profit potential and the path is pretty clear down to the demand. We could see shorts down to the demand level before monitoring PA for potential longs at the demand itself.
USDCAD – Long/Short
I shorted UC on the way to demand last week as I went through in this post. It went on to hit demand and has had a little bounce. I’m watching for a bounce or signs it may go lower still.
USDJPY – Long/Short
UJ bounced from the demand I mentioned last week and we’ve now seen a bearish candle close the weeks trading. I’m watching for PA to show me which way price will go.
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