GJ Hits Supply, NU Heads Lower

Last week I was monitoring key levels on both the pound and USDCHF. GBPUSD fell whilst USDCHF engulfed supply. We have some more key levels to watch this week which I'll detail below:

CADJPY - Short

Price has returned to a rather large daily supply level. When price was last here, it fell hundreds of pips. It's a good one to watch now that we have a second touch. There's a series of green daily candles on arrival so we'll see if this pair wants to hold on this second test.

2016-11-20-cj-short-d1

EURCAD - Long

EC is also back at an old level. Price has hit this demand level numerous times in the past already and it's come back once more. There's a nice arrival with only red daily candles, so we'll see how price reacts on return.

2016-11-20-ec-long-d1

GBPJPY - Short

GJ has returned to supply on the daily and there's pretty much a clear path of green daily candles. If this supply wants to hold again, there's a long way that price could potentially fall.

2016-11-20-gj-short-d1

NZDUSD Long

NU is on its way back a demand level its' been steaming towards for the past couple if weeks. I'll be watching for a reaction on this one too.

2016-11-20-nu-long-d1

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