Weekly Forex Supply and Demand Outlook 2014-08-31

EURCAD - Long or Short

EC is nearing daily demand after having fallen for the past 3 weeks straight. Price is over 100 pips away at the moment and there may be some shorting opportunities before price reaches the demand. The break of the purple line was significant as it marks previous lows on the daily and weekly charts. There was not much to stop price falling after this break. If price retraces before reaching demand then I’ll be looking to short from levels on the H1/30m.

A19 image 1 EC Daily

 

EURJPY - Long

EJ is also nearing a daily demand level which looks similar to EC. A nice drop into the level would warrant a closer look for long opportunities.

A19 image 2 EJ Daily

EURNZD

There is still potential for a long from the EN demand level identified last week but price needs to show us the way first.

A19 image 3 EN Daily

 

NZDUSD

Still waiting for the NU to show signs of where it will go. If you look at the weekly, we’re sort of in a demand zone there though it doesn’t look to pretty on the daily. Price could therefore rally from this point.

A19 image 4 NU Daily

USDCAD

UC has already hit demand on the daily and started to rally. Lower time frame PA has already shown that the rise is likely to continue.

A19 image 5 UC Daily

USDJPY

UJ did make a move down during last week before rallying strong on Friday. Price could still fall from here and I’m sure we’ll find out this week.

A19 image 6 UJ Daily

Happy trading

 

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