We’ve seen a number of big moves recently. USDCHF has been rallying along with the Aussie pairs. At the same time, the euro has been weakening. Check out this weeks levels in this weeks outlook.
AUDCAD – Long/Short
AC has made significant moves up recently ending strong last week. We’ve seen a demand zone form and price has just arrived back at supply. We do have a nice run of green candles into the zone so we’ll see what reaction we get.
AUDNZD – Long/Short
AN is also in between two levels. Having rallied strong and leaving a demand level behind, it’s now heading towards supply. Both levels are worth watching for a reaction.
EURAUD – Long/Short
EA has been heading lower for some time now. It broke through the level we were watching last week with no sign of stopping or slowing down so there was no trade. We do have other demand levels lower down to look out but we’re also looking at potential shorts on the way down. Price closed within a demand level that price previously rallied from so what we do next depends on what happens when the market opens.
EURJPY – Long
EJ still looks like it’s heading lower after giving us a few more lower lows last week. The demand level below is still in play. There may of course be short opportunities on the way down too.
USDCHF – Long/Short
Price has formed another base right at supply which is not a good sign for shorts usually. We would need to see this new base and the previous one engulfed before thinking about shorts. A breakout to the upside may be more likely.
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