EURUSD and AUDCAD outlook forecast for January 23 2017.
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Last week on EURUSD, we were looking at price moving up. The Trend is Down, but as we all know price can have retracements. That is exactly what we see happening here. For this coming weeks outlook we see price has arrived at our supply zone of interest on multiple time-frames. This supply zone at 1.07 is an zone area that we have watching for about 2 weeks. Now it has happened just like we thought it would. As soon as price confirms a rejection of the 1.07 zone we should see it fall like a rock. However it’s still to early to tell. I could see price moving all the way down to $1.00 even as this could complete the wave 5 Elliot pattern as well. The the Trend be your friend on this one.
Check out our last weeks video here to see how our prediction played out to the “T”.
On AUDCAD this week, we are looking at price pushing upwards into the top of the weekly range really hard. We have seen an absolute explosion from the weekly demand zone from (.9745-.9573). It’s really awesome to see how price respects these zones. While the Trend is definitely up, we are expecting to see a small pullback back down to a daily demand zone at (.9982-.9939). This would complete the reaction to the weekly and daily zones that stand in our way from the highs. This week if we could get a small retracement back downwards then we would consider that to be a good zone to get back on this uptrend and see a strong retest of the highs at 1.0397.