Last week saw the dollar fall quite sharply which was seen on the USDCHF. This was mentioned in last weeks analysis. Further weakness is anticipated this week which means pairs like the Euro and Pound could rally.
EURJPY – Short
EJ rallied up to supply last week and so far it has failed to move higher by creating lower highs. I was already looking for shorts and this level holding could indicate a further move south.
EURUSD – Long
EU has engulfed supply on the daily after rallying from demand. As we know an engulf often indicates direction so we could see a higher move from here.
GBPUSD – Long
GU has engulfed daily supply, and the path beyond has nothing but clear red candles. If we get confirmation on the lower time frames we could go long. It’s important to note that there was a strong rejection after the engulf so price could always fall further. As always PA will tells us which way to go.
USDCAD – Short
After the fall of the dollar last week, USDCAD is back on my radar. It’s heading back towards the demand area I highlighted previously and once again, a further engulf would signal a short.
USDCHF – Short
This pair saw a big drop from the daily supply we looked at last week and there may still be some room to fall so this one is still on the watch list.
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