Last week we were looking for longs on EU and GU. We took a long on the GU and that was a short term trade which worked out nicely. Since then price has fallen further as has EU. There are some interesting levels coming up so if missed previous trades, watch out for further opportunities.
EURAUD – Long/Short
EA fell heavily last week and has reach demand on the daily. Price rallied strong from this area back in March. This was however after a previous daily demand had been engulfed and we were looking for shorts. Confirmation is always on the lower time frames so watch out for either a long or short on this one.
EURUSD – Long
EU has dropped down into demand with nothing but red candles on the way. The initial move away was a strong one with a large momo candle leaving the area. Price did come back before continuing for a short test before continuing further so we’ll see if any demand is left at the level this week. If it fails there’s more levels further down.
GBPAUD – Long
GA is heading to demand similar to EA. A lower time frame engulf will tell us whether or not it will hold watch for when it drops into the zone.
GBPCAD – Short
GC has engulfed a demand level for the second time and in much stronger fashion this time around. The path on the left looks clear for a few hundred pips so we’ll see if there’s lower time frame confirmation.
Members can click here for the detailed analysis which looks at the lower time frame levels we are watching to confirm entries. We also analyse the markets for further trades throughout the week. If you do not have access to this premium content then you can find out how to sign up here.