Weekly Forex Supply and Demand Outlook 2014-08-24

AUDNZD – Long or Short

The AN is currently in between daily supply and demand levels. I like the long better at the moment as price has clearly been trending up which you can easily see on both the daily and weekly charts. The demand level is also a swap zone. You can see that price fell heavily from the same area last month. We’re over 250 pips away from that demand level at the moment so we’ll see what happens. We may have quite a wait yet. The supply level also looks pretty good as it was formed after the engulf of an area that was supported for a number of months back in 2013. If that level doesn’t hold, then there may be some other shorts higher up. A18 image 1 AN Daily

EURNZD – Long

Here we have a potential long from daily demand on the EN. This demand level is also part of a QM formation which is a reversal pattern I like to see. If price drops nicely into the zone, I’ll be looking for a long. A18 image 2 EN Daily

EURUSD – Long or Short

The EU is much closer to demand than supply but the short looks nicer at the moment. We have a pause in price just before the demand level rather than simply red candles as I would like. Price may indeed bounce here but I wouldn’t consider a long with resistance so nearby. A18 image 3 EU Daily

GBPAUD – Long

Price is quite close to daily demand on GA so we could see a bounce soon. The nearest trouble spot is over 100 pips away so there could be an opportunity here.   A18 image 4 GA Daily

GBPUSD – Long or Short

Price is very close to daily demand on GU so we are very likely to hit it soon. The demand level is not the best looking but price did move a significant distance from the level. If this one doesn’t hold. There are others below. There is also a daily supply with level test above but price will most likely hit the demand level first. A18 image 5 GU Daily

NZDUSD – Long or Short

Price is right in the middle of supply and demand levels at the moment so I’ll be waiting till either of them are tested. We’re over 200 pips from both so we’ll wait and see what happens. Price could rally from around 0.8300 but I prefer the demand lower down shown on the chart.

A18 image 6 NU Daily

USDCHF – Long

Price is close to a supply which has already been tested and produced a nice drop but demand is forming close by which may limit the opportunity to short for a large move downwards. The demand level shown looks like the better option should price return to it.

A18 image 7 USDCHF Daily

USDJPY – Short

UJ is right at daily supply. Price already dropped nicely from this level back in April this year. There was a strong rally into the zone with nothing but green candles. So I’ll be watching closely for confirmation to short.

A18 image 8 UJ Daily

Happy trading

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4 Comments

  1. Jimmy on August 25, 2014 at 09:51

    Hi Joe,
    I’ve been waiting for more updates & try and match them with mine.
    You have a very nice site starting up here. Please keep it coming 😉
    jimmy

    • Joe Wright on August 27, 2014 at 19:39

      Thanks Jimmy. I’m glad you find the site useful.

  2. BeKa on August 27, 2014 at 19:31

    This is great Joe! Looking forward for more on this

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