Forex USDNOK : Supply imbalance in control at 8.53
14th January 2019
Forex USDCAD : New daily supply level created higher for potential shorts
16th January 2019

EURNZD Forex cross pair is creating bearish impulses stronger than previous bullish impulses. The dynamics of this Forex cross pair is changing which is helping in the creation of new supply imbalances on the weekly and monthly timeframes. A brand new supply level has been created on the monthly chart around 1.7491 together with a weekly supply around 1.74.

If new supply levels and imbalances are being created, shorts are higher odds, longs are lower odds. We are waiting for price to retrace to monthly and weekly supply zones mentioned above before taking any shorts. Patience and waiting is the name of the game in trading, you will be waiting for the right setup to occur as per your trading plan. Once the scenarios happen you should blindly take the trades specified in your trading plan.

 

Alfonso Moreno
Alfonso Moreno
Full time trader, expert technical analyst and founder of Set and Forget supply and demand online trading community. Traveler, photographer and adventurer.

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