For the readers’ benefit:

Price action confirmation: simply means traders will likely wait for price action to confirm a level by consuming the opposing supply or demand area, then entering a trade on a possible retracement, this may occur on the lower timeframes also.

Pending orders: means pending orders are likely seen.


EUR/USD:

Weekly TF.

No higher prices were seen last week as reported may happen in the last weekly analysis. The most recently closed weekly candle (1.35404) was unable to break the previous weekly high or low (1.36771/1.35036), forming what most traders call an ‘Inside bar/candle’ seen deep within weekly demand at 1.34770-1.36771. A close below this demand area is yet happen, however, if a close below is seen, price will then be trading within the next weekly demand area below at 1.32953-1.34869.

Price still remains trading between the demand area below at 1.34770-1.36771, and supply above at 1.42470-1.38580.

eurusdweekly

Daily TF.

Price is currently trading within the daily demand area seen at 1.34770-1.35557, which is the last logical daily demand area bounded by weekly demand at 1.34770-1.36771. A break below this daily level could force price to test the next daily demand area below at 1.33995-1.34385, conveniently located within the next weekly demand area below at 1.32953-1.34869.

eurusddaily

4hr TF.

The demand area seen at 1.35036-1.35312 is still holding, a bullish reaction has been seen, but without any conviction! If a break below is seen here, the next fresh demand area on this timeframe is seen at 1.33995-1.34298 where pending buy orders are likely sitting.

This demand area (1.35036-1.35312) should not be totally ruled out yet as we are still within weekly and daily demand areas (1.34770-1.36771/ 1.34770-1.35557) which can be seen above. A spike below  the 4hr demand area to the round number 1.35000 may likely be seen either today or tomorrow, this could give pro money the liquidity they need for higher prices to be seen i.e. Buyers’ stops (sell orders),  and breakout sellers’ orders for them to buy into.

Pending/P.A confirmation orders:

  • The Pending buy order (Green line) seen at 1.35378 just above demand at 1.35036-1.35312 is currently active, so keep a close eye on the first target area (reported below).
  • Pending buy orders (Green line)   are seen around demand (1.33995-1.34298) at 1.34368.  This demand area will more than likely see some sort of reaction due to its location seen to the left.
  • Pending sell orders (Green line) seen at 1.36955 just below supply at 1.37235-1.37005 are set here since this level remains untouched, meaning unfilled orders are likely still set around this area.
  • P.A confirmation sell orders (Red line) are visible below the minor resistance 1.36666 at 1.36625, this level has proved valid, but still needs to be confirmed due to a spike/wick (circled) seen above resistance, which may have consumed most of the sellers originally there. Do be on your guard with these sell orders; the higher-timeframes are indicating that higher prices may be seen this week.

 

eurusdh4

  • Areas to watch for buy orders: P.O: (Active) 1.35378 (SL: 1.34971 TP: [1] 1.36000 [2] 1.36666) 1.34368 (SL: 1.33926 TP: Dependent on how price action approaches the zone). P.A.C: No P.A confirmation buy orders are seen in the current market environment.
  • Areas to watch for sell orders: P.O: 1.36955 (SL: 1.37270 TP: [1] 1.36666 [2] 1.36000) P.A.C: 1.36625 (SL: 1.36810 TP: Dependent on where price ‘confirms’ the level).
  • Most likely scenario:  Much the same as Friday’s analysis, the demand area at 1.35036-1.35312 will likely still see more of a bullish reaction, nevertheless, a spike lower may be seen to the round number at 1.35000 before higher prices are seen.

 

GBP/USD:

Weekly TF.

The buyers were certainly in full force last week, with sellers showing little, to no interest on this timeframe. Friday saw a close at 1.69632 which is the highest close above the long-term consolidation area (1.67980-1.42273) seen since right back to 19/10/2008. Will buyers have the strength for one last push up to weekly supply at 1.76290-1.70490?

gbpusdweekly

Daily TF.

The daily timeframe shows price rallied right into overall larger daily supply seen at 1.70410-1.68880 also hitting minor daily supply within at 1.69963-1.69514. A small bearish reaction has been seen, but this could have been selling pressure from the huge round number 1.70000 looming just above, and not necessarily from any of the daily supply areas just mentioned. It will be interesting to see how price action will unfold in the next few days or so.

If a break above is seen, price will likely trade up to the next supply area at 1.76290-1.73110 deep within weekly supply at 1.76290-1.70490 (not seen on the chart below).

gbpusddaily

4hr TF.

Chart 1 shows the pound was very active on Friday seeing a huge burst of buying pressure from the bulls. Price broke and nearly retested the round number 1.68000 missing by a pip or two, before taking off like a rocket, consuming supply at 1.68822-1.68708 in the process, before finally meeting selling pressure at supply (1.69963-1.69726) above.

Chart 1:

gbpusdh4 chart 1

Pending/P.A confirmation orders:

  • The pending buy order (Green line) (1.65874) just above demand at 1.65518-1.65827 has been cancelled for now as price has traded too far from this area, and currently not visible on chart 2 but can be seen on chart 1.
  • Pending buy orders (Green line) are seen just above the round number 1.67000 at 1.67043, this area will likely see a reaction due to the amount of credible touches this level has seen, making it an area to watch out for.
  • Pending buy orders (Green line) are seen at 1.67610 just above demand at 1.67378-1.67583. A pending order is valid here due to the momentum away from the demand area, indicating orders may be left unfilled here.
  • P.A confirmation buy orders (Red line) are seen just above the round number 1.68000 at 1.68038. A reaction may be likely here because of the way pro money used this level to rally prices higher with force, a quick change in direction like this likely indicates pro money activity, thus, all of their orders may have not been filled at that time.
  • P.A confirmation buy orders (Red line) are seen just above the round number 1.69000 at 1.69029. This level is definitely no place for a pending order since there is no logical area for a stop loss order.
  • The pending sell order (Green line) set below supply (1.68822-1.68708) at 1.68673 has been stopped out.
  • The P.A confirmation sell orders (Red line) set at 1.69696 just below supply at 1.69963-1.69726 is now active. Price will need to convincingly consume buyers around the round number 1.69000 below before a pending order is permitted.

Chart 2 below shows price is capped between supply at 1.69963-1.69726 and the round number 1.69000 below. A break of either one of these areas will provide us a great deal of information as to where price is likely heading next.

Chart 2:

gbpusdh4 chart 2

  • Areas to watch for buy orders: P.O: 1.67043 (SL: 1.66527 TP: [1] 1.68000 [3] 1.68708) 1.67610 (SL: 1.67345 TP: [1] 1.68000 [2] 1.69000 [likely to be changed, depending on price approach]). P.A.C: 1.68038 (SL: Dependent on where price ‘confirms’ the level TP: Dependent on where price ‘confirms’ the level) 1.69029 (SL: Dependent on where price ‘confirms’ the level TP: Dependent on where price ‘confirms’ the level).
  • Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C: (Active-awaiting confirmation) 1.69696 (SL: More than likely will be at 1.70030 TP: Dependent on where price ‘confirms’ the level).
  • Most likely scenario: Today, price will likely trade within the limits of where price is capped (Supply 1.69963-1.69726 Demand: 1.69000), A break is very unlikely as Monday’s trading has a notoriously slow reputation.

 

AUD/USD:

Weekly TF.

Technically, not much has changed on this timeframe; price still continues to consolidate around the S/R flip level 0.93718, with a positive break in either direction yet to be seen.

audusdweekly

Daily TF.

For the best part of last week, buyers were being seen pushing price deep into supply at 0.94468-0.93758, except on Friday, where sellers began to show interest.

The circled wick to the left could be a sign that the aforementioned supply area is weak. This spike could have likely consumed the majority of sellers in and around this area, indicating pro money may likely push prices higher to at least fresh supply above at 0.95434-0.94862 which may even be a fakeout to push prices lower, only time will tell.

audusddaily

4hr TF.

Chart 1 below shows the buyers had completely consumed supply at 0.94253-0.94040 last week, stopping out our active sell trade (0.94021) for a small profit, if it was managed correctly. Following this, price came within around 7 -8 pips or so from our pending sell order at 0.94447 around the highs 0.94613, which subsequently dropped quite rapidly with the market closing at 0.94006.

Chart 1:

audusdh4 chart 1

Chart 2 below shows (marked with a mini-tendline) how pro money may be likely in the process of consuming small lower-timeframe demand pockets, consequently clearing the path south for sellers (pro money).

Pro money may have got all the liquidity they need for a sell off from this push up above supply (0.94253-0.94040) that has now been erased (can be seen on chart 1 above), but there is always the possibility they have not, hence the pending order around the highs 0.94613 at 0.94447 has not been removed as we have to keep in mind we are still trading around higher-timeframe weekly and daily supply areas (0.93718/0.94468-0.93758) and a drop in price is just as likely as a rally in price at the time of writing.

  • No pending buy orders (Green line) are seen in the current market environment.
  • P.A confirmation buy orders (Red line) are seen at 0.92231 just above demand at 0.92037-0.92203. It would be too risky to set a pending order around this area, since deep spikes into this demand zone have been seen (levels above) possibly consuming the majority of buyers in the process.
  • The next set of P.A confirmation buy orders (Red line) are visible just above the round number 0.93000 at 0.93025. We require confirmation of this level because previous price action has warned us deep tests both north and south happen on a regular basis, hence the need to wait for confirmation rather than getting stopped out time after time through lack of patience.
  • The pending sell order (Green line) set just below supply (0.94253-0.94040) at 0.94021 has now been stopped out for a small profit, if managed correctly.
  • Pending sell orders (Green line) are seen at 0.94447, if price manages to get up to this level, active sellers are likely waiting because of how quickly price changed in direction, only pro money have the account size to do this, indicating unfilled sell orders may still be unfilled there.
  • No P.A confirmation sell orders (Red line) are seen in the current market environment.

Chart 2:

audusdh4 chart 2

  • Areas to watch for buy orders: P.O: No pending orders are seen with current price action. P.A.C: 0.92231 (SL: more than likely will be at 0.91984 TP: Decided if/when price ‘confirms’ the level) 0.93025 (SL: Dependent on where price ‘confirms’ the level TP: Dependent on where price ‘confirms’ the level).
  • Areas to watch for sell orders: P.O: 0.94447 (SL: 0.94667 TP: Dependent on how price action approaches the area). P.A.C: No P.A confirmation sell orders seen in the current market environment.
  • Most likely scenario: Price will likely trade between the highs 0.94613 and the S/D flip area at 0.93729-0.93572 with a break of either area very unlikely seen today.

 

USD/JPY:

Weekly TF.

It was reported in the last weekly analysis that buyers were in control. Last week, the buyers showed little interest in taking prices any higher, with the sellers remaining in control for most of last week.

Price still remains capped between supply above at 105.441-104.075 and demand below (S/R flip level) at 101.254, with the long-term bias still being seen as long on this timeframe.

usdjpyweekly

Daily TF.

The daily timeframe shows the buyers and sellers appear to be battling it out between minor resistance above at 102.645 and the S/D flip area at 101.532-100.787.

A break below the S/D flip area (levels above) could force price to test demand at 99.571-100.255, this could be a lovely demand area to help facilitate a fakeout of the weekly S/R flip level support on the weekly timeframe at 101.254. A break above daily -timeframe minor resistance at 102.645 may see buyers pushing price all the way up to supply at 104.114-103.812.

usdjpydaily

4hr TF.

A sharp drop in price was seen at the end of last week to demand at 101.427-101.660 which triggered our buy pending order set just above at 101.679. Late on Friday, price was seen reacting off of the minor S/R flip level at 102.117 forming a nice-looking bearish pin bar, capping price between demand at 101.427-101.660 and temporary supply at (minor S/R flip level) 102.117.  Higher prices are likely to be seen this sometime this week, as indicated by the higher-timeframes being seen in demand, so as always, be on your guard and expect the unexpected!

  • Pending buy orders (Green line) are seen just above demand (101.427-101.660) at 101.679 is now active. The first target has been hit at 102.000.
  • No P.A confirmation buy orders (red line) are seen in the current market environment.
  • Pending sell orders (Green line) are visible at 102.980, deep within supply (103.055-102.742), this area may well appear to be weak now, but the way price reacted at the circled area within supply indicates pro money activity, meaning sell orders may be left unfilled there, so a pending order is permitted.
  • Near-term pending sell orders (Green line) are seen at 102.367. A pending order is valid here since this is the area where pro money made the ‘decision’ to take prices lower into demand (101.427-101.660), unfilled sell orders were likely left there in the process.
  • No P.A confirmation sell orders (Red line) are seen in the current market environment.

usdjpyh4

  • Areas to watch for buy orders: P.O: (Active – 1st  target hit) 101.679 (SL: 101.404 TP: [1] 102.000 [2] 102.367 [but may be subject to change]) P.A.C: No P.A confirmation buy orders seen in the current market environment.
  • Areas to watch for sell orders: P.O: 102.980 (SL: 103.108 TP: 102.117, but may well change if the market sees any new developments) 102.367 (SL: 102.458 TP: Dependent on how price action approaches this area). P.A.C: No P.A confirmation sell orders seen in the current market environment.
  • Most likely scenario: Price will likely decline in a value a little, a push down into demand at 101.427-101.660 for a second test is not out of the question, before higher prices are seen up to at least the 102.367 area.

 

EUR/GBP:

Weekly TF.

The weekly timeframe shows the sellers were well and truly in control last week, a magnificent full-bodied candle was formed, trading right into weekly demand at 0.79596-0.80299.

eurgbpweekly

Daily TF.

The sellers took no prisoners last week, except with a small reaction being seen on this timeframe at demand (0.80348-0.80576) which is now supply.

Friday’s analysis reported higher prices were to be expected, how wrong this was! Price nearly touched demand seen at 0.79282-0.79649 missing it by 8 or 9 pips. This demand area is deep within weekly demand seen above at 0.79596-0.80299, so if a break lower is seen of the daily demand area, things would certainly not be looking good for the buyers as there is very little stopping price from dropping all the way to major support below at 0.77533 (seen on chart 2).

Chart 1:

eurgbpdaily chart 1

Chart 2:

eurgbpdaily chart 2

4hr TF.

Chart 1 shows price consumed demand at 0.80053-0.80176 along with the huge round number 0.80000 just below in the process. A pathetic attempt by the buyers was seen at demand (0.79692-0.79777) which is deep within weekly demand at 0.79596-0.80299. This could have been, however, pro money beginning to unload some of their short positions here. A break below this demand area may see price testing demand below at 0.79692-0.79777, only seen when one zooms out on this timeframe.

Chart 1:

eurgbph4 chart 1

  • Pending buy orders (Green line) are seen just above demand (0.80053-0.80176) at 0.80197 has been stopped out.
  • The P.A confirmation buy order (Red line) set just above demand (0.79692-0.79777) at 0.79806 is now active. Buyers will need to confirm this area by consuming sellers above at the D/S flip area (0.80053-0.80176); a pending order can then be set at 0.79806 awaiting a likely retracement.
  • The Pending sell order (Green line) set just under fresh supply (0.81751-0.81627) at 0.81612 has been removed since price is too far away from this level at the moment.
  • P.A confirmation sell orders (Red line) under the S/R flip level 0.81403 at 0.81393 is an area where a reaction is likely, however there were too many wicks north seen marked with arrows, indicating sellers are drying up, thus, the need to wait for more confirmation.
  • P.A confirmation sell orders (Red line) are seen just under supply (0.80869-0.80771) at 0.80752. Confirmation orders were used here because price is trading around a weekly demand area (0.79596-0.80299), which means price could easily consume this supply level as the higher timeframes usually overrule the lower timeframes.
  • New P.A confirmation sell orders (Red line) are seen just below supply (0.80647-0.80583) at 0.80293. Very much like above, price could easily consume this supply level as we are currently deep within a weekly demand area (0.79596-0.80299), which means price could easily consume this supply level as the higher timeframes usually overrule the lower timeframes.

Chart 2 below, shows a few alterations that needed to be made.

Chart 2:

eurgbph4 chart 2

  • Areas to watch for buy orders: P.O: No pending buy orders seen in the current market environment.
  •  P.A.C: (Active – awaiting confirmation) 0.79806 (SL: likely to be set at 0.79673 TP: Dependent on where price ‘confirms’ the level).
  • Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C: 0.81393 (SL: Will be likely set at 0.81564 TP: Will be likely set at the round number 0.81000) 0.80752 (SL: likely to be set at 0.80900 TP: Dependent on where price ‘confirms’ the level) 0.80293 (SL: likely to be set at 0.80648 TP: Dependent on where price ‘confirms’ the level).
  • Most likely scenario:  Price will likely trade between demand at 0.79692-0.79777 and supply above at 0.80053-0.80176 for the most part of today, as it is very unlikely a break of either area will be seen.

 

USD/CAD:

Weekly TF.

The S/R flip level at 1.08438 appears to be in some trouble as the sellers really took charge last week trading right into this level closing just above at 1.08534 forming what most traders call an ‘inside bar/candle.’

usdcadweekly

Daily TF.

The daily timeframe shows neither supply above at 1.10039-1.09356 or demand below at (minor support) 1.08142 has yet to see a positive break. Sellers were in control for most of the week with buyers seen attempting to crawl back on Friday but all to no avail.

A break below minor support at 1.08142 may see price pushing down towards demand at 1.05883-1.06779, conversely, a break above the supply at 1.10039-1.09356 would see price entering into the highest area of the stacked supply formation at 1.10777-1.10010.

usdcaddaily

4hr TF.

Not a lot has changed since Friday’s analysis.  Temporary support has been seen in the market at 1.08417 in between where price is currently capped (Supply: 1.08907-1.09047 Demand: 1.08142-1.08330).

Price seems to be forming a bearish flag at the moment, indicating lower prices may be seen soon, it is very likely price will visit demand below at 1.08142-1.08330 before consuming supply above at 1.08907-1.09047.

  • No pending buy orders (Green line) are seen in the current market environment.
  • P.A confirmation buy orders (Red line) seen just above demand (1.08142-1.08330) at 1.08348. There may be orders left unfilled here, however, a pending order is not wise due to how deep price penetrated the level before (marked with an arrow).
  • Pending sell orders (Green line) just below supply (1.10039-1.09875) at 1.09851 will very likely see a nice reaction. However, we should remain aware of the big figure number 1.10000 lurking within the top half of the supply area (levels above), so a bigger stop may be necessary.
  • P.A confirmation sell orders (Red line) are seen just below the S/R flip level (1.09408) at 1.09361. A P.A.C order was selected here because of the deep wicks seen in and around this area, possibly indicating sellers have been consumed, thus weakening the level on return.
  • P.A confirmation sell orders (Red line) are seen just below the D/S flip area (1.08907-1.09047) at 1.08876. Pending orders are not logical here since price could very well spike north, deep into the zone, attempting to penetrate the round number 1.09000 which could possibly stop us out if we had pending orders set.

usdcadh4

  • Areas to watch for buy orders: P.O: There are no pending buy orders seen in the current market environment. P.A.C: 1.08348 (SL: Likely to be set at 1.08127 TP: Decided if/when price ‘confirms’ the level).
  • Areas to watch for sell orders: P.O: 1.09851 (SL: 1.10114 TP: [1] 1.09408 [2] 1.09047) P.A.C: 1.09361 (SL likely to be set at 1.09513 TP Decided if/when price ‘confirms’ the level) 0.08876 (SL: Decided if/when price ‘confirms’ the level TP: Decided if/when price ‘confirms’ the level).
  • Most likely scenario:  Price will likely continue Dropping towards demand at 1.08142-1.08330, where a bullish reaction is expected to be seen.

 

USD/CHF:

Weekly TF.

Stacked demand is seen at 0.85500-0.82750 and 0.85670 – 0.88360, whilst stacked supply is also seen above at 0.99160 – 1.00530 and 0.99710 – 0.97460.

The last weekly analysis reported a nice-looking bearish pin bar had formed. Last week, however saw no interest from the sellers at all; the buyers appeared to be in control for most of the week closing near its highs at 0.90012. So higher prices may be seen sometime this week.

usdchfweekly

Daily TF.

Technically, not much has changed since last week’s analysis. . Price still remains capped between demand (S/R flip level) at 0.88501 and supply above at 0.91563-0.90844.

A drop to the S/R flip level at 0.88501 may happen as pro money will likely want to collect much-needed liquidity before any higher prices are seen, as small supply pockets appear to be already consumed (marked by arrows) clearing the path north for the buyers.

usdchfdaily

4hr TF.

On Thursday’s analysis, it was reported we would need to see the sellers consume the small demand area (0.89747) marked with an arrow. This happened on Friday (marked with a circle), meaning the path is likely cleared for the sellers to bring prices lower.

However, price worryingly closed the week, just above the huge round number 0.90000 at 0.90012. Ideally, we wanted to see price react better off of this area, hopefully, today will provide us with an answer as to whether this round number  will cause us problems or not.

  • No pending buy orders (Green line) are seen in the current market environment.
  • P.A confirmation buy orders (Red line) are seen just above the daily S/R flip level (0.88501) at 0.88533. This level needs to see some confirming price action before any entry is placed in the market, due to their being no logical area for a stop loss order.
  • Near-term P.A confirmation buy orders (Red line) are seen within demand (0.88973-0.89168) at 0.89029, just above the round number 0.89000, as price may retrace to demand to collect unfilled orders.
  • The pending sell order (Green line) visible at the base of supply (0.90381-0.90033) just above the round number 0.90000 at 0.90063 still remains active, so keep a close eye on the first target area.
  • No P.A confirmation sell orders (Red line) are seen in the current market environment.

usdchfh4

  • Areas to watch for buy orders: P.O: There are no pending buy orders seen in the current market environment. P.A.C: 0.88533 (SL: Decided if/when price ‘confirms’ the level TP: Decided if/when price ‘confirms’ the level) 0.89029 (SL: Likely to be set at 0.88784 TP: Decided if/when price ‘confirms’ the level).
  • Areas to watch for sell orders: P.O: (Active) 0.90063 (SL: 0.90412 TP: [1] 0.89168 [2] 0.88501) P.A.C: There are currently no P.A confirmation orders seen in the current market environment.
  • Most likely scenario: Sellers will likely attempt to bring prices lower as the minor trouble demand area at 0.89747 has been consumed.

 

XAU/USD (GOLD)

Weekly TF.

Gold is still currently trading within a big range with supply being seen at 1495.00 – 1419.68, and demand at 1156.85 – 1194.53. Gold has been trading within this range since 2012 with a break of either area yet to be seen.

xauusdweekly

Daily TF.

The buyers spent most of last week being in control; nonetheless, they have traded right into a clearly distinguishable S/R flip level resistance at 1277.36. A fakeout above this S/R flip level into supply at 1295.52-1285.52 may very well happen sometime this week.

On this timeframe price is currently capped between supply (S/R flip level) at 1277.36 and demand below at 1238.51-1254.97. A break above supply could see price testing, (as already explained above) supply at 1295.52-1285.52, conversely, a break below demand could force prices to push down towards support at 1182.01.

xauusddaily

4hr TF.

Chart 1 below shows the sellers had no intention of confirming the S/R flip level at 1273.34, with little stopping price now from hitting supply above at 1293.47-1285.52.

Chart 1:

xauusdh4 chart 1

  • Pending buy orders (Green line) are seen above demand (1231.56-1237.57) at 1238.61 as pro money will in the future likely fake the minor support level at 1240.66 into demand below (levels above).
  • P.A confirmation buy orders (Red line) are seen just above demand (1258.57-1265.27) at 1266.00. A confirmation order is used here for the simple fact price is trading around daily timeframe resistance at 1277.36, and the daily timeframe usually overrules the 4hr timeframe making it very risky indeed to place a pending order here.
  • P.A confirmation buy orders (Red line) are seen just above the S/R flip level (1273.34) at 1273.81, very much the same as above, A confirmation order is used here for the simple fact price is trading around daily timeframe resistance at 1277.36, and the daily timeframe usually overrules the 4hr timeframe making it very risky indeed to place a pending order here.
  • Pending sell orders (Green line) are seen just below supply (1293.47-1285.52) at 1284.53, as this level will likely see a reaction due to a supply/demand imbalance around this area indicating the possibility of unfilled sell orders there.
  • The P.A confirmation sell order (Red line) just under the S/R flip area (1273.34) at 1272.96 has now been cancelled since the sellers made no attempt to confirm this level.

Chart 2 below shows a new demand area has been formed at 1258.57-1265.27.  Price may do one of three things, and we need to be ready for them all! 1. Price will retest the S/R flip level at 1273.34 in which case we have a confirmation order waiting, 2. Price will completely ignore the S/R flip level and push down towards the newly-formed demand area at 1258.1265.27 where, again we have a confirmation order waiting, and finally number 3. Price will rally directly to supply above at 1293.47-1285.52, this is highly unlikely due to price currently trading around daily timeframe resistance at 1277.36.

Chart 2:

xauusdh4 chart 2

  • Areas to watch for buy orders: P.O: 1238.61 (SL: 1230.64 TP: Dependent on price approach) P.A.C: 1266.00 (SL: likely to be set at 1257.31 TP: Decided if/when price ‘confirms’ the level) 1273.81 (SL: Decided if/when price ‘confirms’ the level TP: Decided if/when price ‘confirms’ the level).
  • Areas to watch for sell orders: P.O: 1284.53 (SL: 1294.70 TP: [1] 1273.34 [2] 1268.03) P.A.C: There are currently no P.A confirmation sell orders seen in the current market environment.
  • Most likely scenario: Price will likely see a retracement very soon, either to the S/R flip level at 1273.34 or demand below at 1258.57-1265.27, before any higher prices are seen.