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

 

EUR/USD:

4hr TF.

Even though a reaction is being seen at daily supply (1.39669 – 1.39317) buyers and sellers have still not decided on a direction, resulting in price action not moving much since the last analysis

1.40000 is still fresh supply and waiting to be challenged, a break above this level could force prices to test daily supply at 1.42443 – 1.41146.

Near-term demand is seen at the round number 1.39000 along with the previous monthly high which was prior resistance, now becoming possible support at 1.39060.

The 2 demand areas mentioned in the last analysis should still be watched carefully as a touch is yet to happen. The first, the highest of the two, marked with an x is at 1.38709 – 1.38798.  The lower demand, the origin of the previous rally at 1.38122 – 1.38295 (These levels should have been on the last analysis – apologies!), which also contains the previously weekly low within it at 1.38122. Out of the 2 demand areas the origin normally provides the biggest reaction, so if you do trade the higher of the two demands; make sure your risk is in check!

eurusdh4

 

 

  • Areas to watch for buy orders: 1.39000, 1.39060, 1.38709 – 1.38798 Trade here with caution, 1.38122 – 1.38295
  • Areas to watch for sell orders: 1.39669 – 1.39317, 1.40000,  1.42443 – 1.41146
  • Most likely scenario: Price will likely test either of the demand areas below, as it is currently seen consuming sellers at daily supply, but will more than likely head for the origin.

 

 

GBP/USD:

4hr TF.

Very similar to the Euro, a weak bearish reaction at 4hr supply (1.70372 – 1.69811) is currently happening: more so near the big round number 1.70000 on this pair.

Price is deep within daily supply at 1.70372 – 1.68747, a lot of buyers have been consumed with the 2 prior momentum candles. If a break above this supply is seen, price will be entering huge weekly supply at 1.76290 – 1.70420, this could be important for any traders long the market with the current uptrend, as this could be a place where serious sellers show their strength.

Demand is much the same as the last analysis of the pair. The higher of the two, marked with an x is at 1.68522 – 1.68729 could see a nice reaction. The demand area directly below at 1.68069 – 1.68280 is not a fresh area, but was used during the NFP announcement, and holds a previous weekly low within at 1.68224, so there may still be unfilled orders left.

Be aware there is also closer demand than already mentioned, but not deemed as strong. There is previous monthly (1.69009) and weekly (1.69198) high levels along with the round number 1.69000 which made a cluster resistance. These levels got consumed with the recent rally. This cluster of levels may become support if price retraces far enough.

Nothing much has changed regarding price having room to move lower, there are currently no demand/buyers until the round number cluster support.

gbpusdh4

  • Areas to watch for buy orders: 1.68522 – 1.68729, 1.68069 – 1.68280, 1.69009, 1.69198, and 1.69000.
  • Areas to watch for sell orders: 1.70372 – 1.69811, 1.70000.
  • Most likely scenario: Price will likely test lower demand, the round number cluster support area (1.69000) will likely see a bounce, before faking this level to real demand at 1.68522 – 1.68729. Do keep an eye on the big round number 1.70000 for shorts as we have not yet formally touched this level.

 

 

AUD/USD

4hr TF.

A deeper move into 4hr supply (0.93784 – 0.93751) has not been seen yet as expected.

The S/R flip level at 0.93124 is seeing a reaction as expected. This is supported with a prior weekly high resistance, turned support at 0.93167. At the time of writing, price is once again caught within a mini range between recent supply and the S/R flip level below (levels above). A break above may see price testing fresh supply at 0.94232 – 0.09040, conversely a break below may see demand (0.92580 – 0.92746) being tested.

A point that needs emphasizing here and which could be used in the future relates to the bearish approach price action took before reaching the minor S/R flip level. Look at the bearish candles; notice the ones with long wicks forming almost pin-bar like formations? This is pro money clearing minor lower timeframe supply areas whilst price is still dropping. The reason this is done is to allow a clear path for more bullish price action with little selling pressure to stop it.

audusdh4

  • Areas to watch for buy orders: 0.93124, 0.93167, 0.92580 – 0.92746.
  • Areas to watch for sell orders: 0.93784 – 0.93751, 0.94232 – 0.09040.
  • Most likely scenario: Price will likely consolidate within the temporary range providing lower timeframe traders the opportunity to scalp the limits, until a decision is made to break.

 

 

USD/JPY:

4hr TF.

An area of demand at 101.536 that was reported a few days ago to be attentive of has seen a reaction. Nonetheless, if your stop was too tight, you may have been stopped out on this one, with that crafty spike down.

The near-term target which was prior demand, now acting supply at 102.026 – 101.847 was hit, and is where price is trading at the time of writing.

Similar to the Aussie, this pair is now within minor consolidation between demand at 101.536 and supply (102.026 – 101.847).

Remembering we are within a daily timeframe consolidation as well (Supply: 104.831 – 104.121 Demand: 101.236 – 101.769). If price decides to go southbound, the previous monthly lows (101.325) accompanied with the huge S/R weekly flip level (101.328) is the next point of trouble for the bears. If price breaks north, the bulls have to contend with selling pressure from the minor S/R flip level at 102.128.

All things considered, price is still in daily demand with a weekly S/R flip level within (levels above); so long trades are more viable at this point.

usdjpyh4

  • Areas to watch for buy orders: 101.536, 101.325, and 101.328.
  • Areas to watch for sell orders: 102.026 – 101.847, and 101.132.
  • Most likely scenario: Price will likely consolidate within the temporary range providing lower timeframe traders the opportunity to scalp the limits, until a decision is made to break.