The charts levels and zones will be color coded for the benefit of readers as follows:
Weekly TF = Black. Daily TF = Gold. 4hr TF = Brown
Technically there is little change from yesterday; a total of 21 pips movement was seen at the time of writing. Price just missed the previous weekly high by 2 pips at 1.38892.
Today, more action should be seen across the market with a fair amount of high-impacting news expected.
A sizable cluster resistance is up ahead if price decides to go north:
- Previous 52-week high at 1.38934.
- Previous Monthly high at 1.39060.
- Previous Weekly high at 1.38892.
If price drops south, watch Friday’s low at 1.38122, but do be aware a fake out could happen here as there’s Daily demand (S/R flip level) at 1.37974 below.
- Areas to watch for buy orders: 1.38122, 1.37974
- Areas to watch for sell orders: 1.38934, 1.39060, and 1.38892.
- Most likely scenario: Price will likely test the previous highs, then test Friday’s low as this was the last place big players were active during and after the NFP announcement.
4 hr TF.
Very similar to the Euro, there is not much that has changed technically. Price moved all of 30 pips yesterday at the time of writing
For today, much the same as yesterday, there’s un-fresh demand which was used during and after the NFP announcement for liquidity at 1.68069 – 1.68280. This is an area where active buyers may still be lurking due to this being the last place pro money was seriously active.
Supply is still seen above at 1.70372 – 1.68747, which is also within Daily supply at 1.70372 – 1.68747 if price does decide to shoot northbound.
Do note these areas down as we may see a test today at either one.
- Areas to watch for buy orders: 1.68069 – 1.68280
- Areas to watch for sell orders: 1.70372 – 1.68747
- Most likely scenario: Price will likely test near-term demand (levels shown above) for a possible push deeper into daily supply (levels shown above) aiming for the 4hr supply zone where serious sellers may be waiting (levels shown above).
Price still remains within Daily demand at 0.92037 – 0.92825 as a result of low-volume trading yesterday, the daily pip movement was 38 pips at the time of writing.
There has been no change to the consolidation mentioned yesterday, between supply at 0.93124/0.93167 (S/R flip level – Previous weekly high) and demand at 0.92029 – 0.92299 which is also near the previous weekly low at 0.92037.
Expect the limits of this consolidation to be challenged today, a test of the 4hr supply level above the range (0.93784 – 0.93571) may be seen, which coincides nicely with daily supply and a weekly S/R flip level (0.93777 – 0.94406/0.93718).
A break below could see price test the Daily S/R flip level at 0.91446. This could mean a change in trend if price reacts bullishly at the flip level on this timeframe.
- Areas to watch for buy orders: 0.92029 – 0.92299, 0.92037.
- Areas to watch for sell orders:0.93124, 0.93167, 0.93784 – 0.93571.
- Most likely scenario: Price will likely test the limits of the consolidation as mentioned above, a fakeout may be seen above to the 4hr supply level at 0.93784 – 0.93571.
There is little to add to this pair today regarding yesterday’s movement, price moved a total of 41 pips at the time of writing.
This pair has remained around the lower the limits of the consolidation at 101.847 – 102.026; which also has Daily demand at 102.236 – 101.769 offeringsupport. Price completely ignored the round number 102.000 on the way down and has seen little reaction worth mentioning on the retest.
Supply is seen at 103.067 – 102.734.as the upper limit of the consolidation, so do note this down as it may also see a touch today. It’s always best to be prepared for the unexpected in the markets.
As price is currently seen trading near the lower limits, a break may be seen south today deeper into daily demand, keep an eye on the demand area at 101.536 where there is very likely to see a bounce north at worst.
- Areas to watch for buy orders: 101.847 – 102.026, 102.236 – 101.769.
- Areas to watch for sell orders:103.067 – 102.734.
- Most likely scenario: Price will likely test the limits of the consolidation, a break south is likely, be watchful of the demand area already mentioned above.