FOREX TRADERS

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$EURUSD & $AUDCAD Forex Outlook Video

On $EURUSD this week,
image of EURUSD forex pair with flagsPrice has hit big weekly supply, daily supply and a major whole number of 1.13. We know that price is in an uptrend and has hit a possible reversal spot as all these factors come into place. Now if we look at price action we see the bars getting highly overlapped and consolidated. This to me, is the calm before the storm. It saying that many people are thinking the same thing as I. Will the market really move any higher or not. Bottom line: Trend is up and price is taking a breather. Look for this area in general to be a good shorting area for a counter trend idea. However, If you want to follow the EURUSD trend buy at support and good daily support/demand at 1.1172 down to 1.1043 as a good potential buy. However if you think this is the high for a while wait until price is above 1.1250 to consider the short play.

On $AUDCAD,
image of audcad flagsI’m expecting price for AUDCAD to continue on up to the daily supply zone at 1.0305 up to 1.0414. Over the past quarter price has been moving sideways and is in somewhat of a range on the weekly chart for sure. On the Daily time frame it looks like we can easily move to the north. There shouldn’t be much resistance to the upside move but only time will tell for sure. Bottom Line: long term we are in rangy conditions at the top of the market structure. This could be a wonderful area to short from but I would like to see high get a really good retest before that. To see exactly how all this can play out check out this week’s Forex video!

Watchthe Forex analysis Video on these two Forex Pairs HERE >>>>