For the readers’ benefit:

Price action confirmation: simply means traders will likely wait for price action to confirm a level by consuming an 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.

This timeframe still shows price trading within weekly demand at 1.34760-1.36314 as it has been now for six weeks! The buyers did in fact attempt to trade higher, but were soon hammered back down unable to close above the previous weekly high at 1.36502 where the market closed at 1.35921. As we are still trading within this weekly demand area (levels above), higher prices are naturally expected, until a break lower is seen.

EUR W

Daily TF.

Daily supply at 1.37297-1.36879 and daily demand below at 1.34760-1.35265 are currently capping the market either side, which magnifies the consolidating price action within weekly demand (levels above).

A beautiful reaction was seen at the beginning of last week at the aforementioned daily supply area, which sent price south for most of last week!

We may well see a third test of daily demand below (levels above) before we see a break of daily supply above (levels above), possibly forcing price to test of the daily S/R flip level above at 1.37908.

EUR D

4hr TF.

During Friday’s trading session the sellers broke below the round number 1.36000, and was seen retesting it nearing the end of week, now becoming a temporary resistance level. If this round number resistance proves itself with lower prices at the beginning of this week, we may well see a touch of the low below at 1.35746.

A positive break below of the aforementioned low could see prices dropping all the way to 4hr demand at 1.35018-1.35375 sometime early this week. The reason being is that most of the demand/buyers have already been consumed. Take a look at the arc pattern on the chart; can you see the tails that spike down as price continued to rally? This is more than likely pro money at work clearing the buyers out for a move south later on. This is why the low just mentioned is so important; as this is the last obstacle in the way before 4hr demand (levels above) could possibly see some action.

Pending/P.A confirmation orders:

  • No pending buy orders (Green line) are seen in the current market environment.
  • P.A confirmation buy orders (Red line) are seen just above demand (1.35018-1.35375) at 1.35417. The reason behind us placing a P.A confirmation buy order here, rather than a pending buy order is because the aforementioned demand area appears weak as deep spikes have been seen recently (marked with two arrows).
  • No pending sell orders (Green line) are seen in the current market environment.
  • P.A confirmation sell orders (Red line) are seen just below supply (1.37224-1.37028) at 1.36894. A P.A.C order was selected here due to the reaction seen at the aforementioned supply area proving its validity. However, pro money may well decide to push price higher into this supply area if/when price returns to it, thus making it a risky trade for a stop above the high 1.36995 which could be very easily be stopped out if a pending sell order was set, hence the need to wait for confirmation.

EUR 4HR

Quick Recap:

The weekly timeframe still shows buyers and sellers battling it out within weekly demand at 1.34760-1.36314, while on the daily timeframe price still remains capped between daily demand at 1.34760-1.35265 and daily supply above at 1.37297-1.36879.  The 4hr timeframe shows sellers broke the round number 1.36000 early Friday, with price being seen retesting it late Friday confirming it as temporary resistance. Price will likely see a push to the downside testing the low 1.35746, where a decision will need to be made! If we see a positive break below this low we could see price drop down to 4hr demand at 1.35018-1.35375 where we have a P.A confirmation buy order set at 1.35417.

  • Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: 1.35417 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
  • Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment.  P.A.C: 1.36894 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

 

GBP/USD:

Weekly TF.

The buyers have pushed price higher into weekly supply (1.76297-1.67702) consequently forming a nice-looking demand area at the base (1.66917-1.67939). When will this buying activity end, and will the sellers begin to put up a fight? Let’s take a look at the daily timeframe for a closer view!

GBP Weekly

Daily TF.

This timeframe shows a great-looking daily supply area (1.76297-1.73024) looming just above current price action (around 140 pips); this could very well be the area we see the sellers begin to show interest. Price has very little stopping it from reaching the aforementioned daily supply area, but for price to rally that far, pro money will require liquidity (sell orders to buy into), so a retracement may be seen to the daily S/R flip level below at 1.69712 before a rally higher is seen.

 GBP DAILY

4hr TF.

Price is currently seen trading between round numbers 1.71000 and 1.72000. A beautiful reaction was seen off of the round number 1.71000, what followed after this was important. Notice the high marked with a flag at 1.71762? Early Friday, price consumed this high with a small wick/spike above it, more than likely stopping out some of the sellers in the process.

With the high now clear of some potential supply, logically there is room for price to move above this, to test the round number 1.72000, with the possibility of breaking this level also. A retracement to the round number 1.71000 is not out of the question though, as pro money will require orders to move the market higher, so do be on the lookout for this early sometime time this week.

Pending/P.A confirmation orders:

  • A pending buy order (Green line) is set just above the round number 1.71000 at 1.71039. A pending buy order is valid here due to the buyers proving this level by consuming sellers around the high (marked with a flag) at 1.71762, thus potentially clearing the path for higher prices, and if a retracement occurs, we will be ready and waiting to enter the market!
  • P.A confirmation buy orders (Red line) are seen just above demand (1.70617-1.70459) at 1.70662. A reaction north is likely to be seen here as there is no doubt unfilled buy orders left around this area when pro money made the ‘decision’ to push higher. However deep spikes can occur around flip areas (levels above) such as these, hence the need to wait for confirmation.
  • No pending sell orders (Green line) are seen in the current market environment.
  • No P.A confirmation sell orders (Red line) are seen in the current market environment.

GBP 4hr

Quick Recap:

The weekly timeframe shows buyers have aggressively pushed prices higher into weekly supply at 1.76297-1.67702, while on the daily timeframe, price is seen trading between daily supply at 1.76297-1.73024 and the S/R flip level below at 1.69712, which is where price will likely retrace to before a rally up to daily supply (levels above) is seen. The 4hr timeframe shows price is currently capped between two round numbers 1.71000 and 1.72000. Buyers confirmed the round number 1.71000 by consuming sellers around the high marked with a flag at 1.71762, thus allowing us to place a pending buy order around the round number just mentioned at 1.71039 where a retracement will likely be seen early sometime this week.

  • Areas to watch for buy orders: P.O: 1.71039 (SL: 1.70870 TP: Dependent on price approach). P.A.C: 1.70662 (likely to be set at 1.70423 TP: Dependent on approaching price action after the level has been confirmed).
  • Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment.  P.A.C: No P.A confirmation sell orders seen in the current market environment.

 

AUD/USD:

Weekly TF.

Consolidating price action is still being seen on the weekly timeframe (0.94600/0.92046). The buyers did attempt to break out of this range (notice the wick) but were very quickly hammered back down by the sellers closing the market for the week at 0.93621, and forming what the majority of traders call a bearish engulfing outside candle/bar, meaning we may be in for lower prices this week?

AUD WEEKLY

Daily TF.

A beautiful reaction was seen from daily supply at 0.95425-0.94852 at the beginning of last week with buying interest seen coming in around the low 0.93208 on Thursday and Friday. If price breaks the aforementioned low, we may very well see price hit daily demand below at 0.92046-0.92354.

At the time of writing price remains capped between daily supply at 0.95425-0.94852 and daily demand below at 0.92046-0.92354.

AUD DAILY

4hr TF.

From Tuesday onwards last week, the sellers were very much in control breaking multiple demand areas in the process. The buyers began to show a little interest around 4hr demand at 0.93208-0.93417, however this interest should be nothing to get excited about, as it was more than likely pro money taking profit on their positions from the recent decline in price.

If price consumes the 4hr demand area just mentioned, we could be in for a nice move to the downside, why? Look back on the daily timeframe above, the daily low 0.93208 is the bottom limit of our 4hr demand area, so we should at least expect price to touch the round number 0.93000 below if indeed a break lower does happen.

Price is capped between the aforementioned 4hr demand area and the round number 0.94000 above, price may very well rally to this round number, before breaking 4hr demand below, at present though, the buyers are appearing weak, so be aware for a sharp drop to the downside early sometime this week.

Pending/P.A confirmation orders:

  • No pending buy orders (Green line) are seen in the current market environment.
  • No P.A confirmation buy orders (Red line) are seen in the current market environment.
  • Pending sell orders (Green line) are seen just below supply (0.95425-0.95096) at 0.95052. A pending sell order is placed here due to this being an area where pro money was interested in before; see how close price came to the supply area? (Levels above), this indicates possible strong supply, so the next time price visits we can expect some sort of reaction.
  • P.A confirmation sell orders (Red line) are seen just below the round number 094000 at 0.93959. A P.A confirmation sell order was allocated here since this area will likely be the place pro money will rally price to, to collect liquidity, before dropping lower. However, a pending sell order here could be dangerous as there is no logical area to place your stop loss, and as most traders know, these psychological levels are prone to deep spikes on occasion.

AUD 4HR

Quick Recap:

The weekly timeframe showed sellers were mainly in control of the market for most of the week forming a bearish engulfing outside candle, while on the daily timeframe price is still capped between daily demand at 0.92046-0.92354 and daily supply at 0.95425-0.94852. The 4hr timeframe showed the selling momentum was strong last week consuming a few demand areas in the process. Buyers were seen showing little interest around 4hr demand at 0.93208-0.93417 where price may likely see a rally to the round number above at 0.94000, and triggering our P.A confirmation sell order set at 0.93959 in the process before any lower prices are seen.

 

  • Areas to watch for buy orders: P.O: No pending buy orders seen in the current market environment. P.A.C: No pending sell orders seen in the current market environment.
  • Areas to watch for sell orders: P.O: 0.95052 (SL: 0.95467 TP: Depending on price approach). P.A.C: 0.93959 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

 

USD/JPY:

Weekly TF.

The buyers still seem to really like the long-term weekly S/R flip level at 101.206 as a positive break below has yet to be seen.

Price formed what the majority of traders call a bullish engulfing outside candle/bar; nevertheless a positive close above last week’s open at 102.064 was not seen as the market closed just below at 102.030.

USDJPY WEEKLY

Daily TF.

The daily timeframe remains capped between daily resistance at 102.713 and daily demand below at 100.747-100.967. Considering the higher-timeframe picture (weekly) we are likely to see higher prices sometime this week, however it goes without saying, a bearish retracement will possibly happen before any higher prices are seen. Let’s take a look at the 4hr chart to see if we can gather any more information regarding this.

USDJPY DAILY

4hr TF.

Last week, the buyers had pushed price above the high 102.157, this is a fantastic sign as higher prices could well be seen now.

One can only imagine the amount of stops lurking above the high just mentioned, and these have all more than likely been consumed, turning them into buy orders for pro money to sell into, hence the small sell off seen already on NFP Thursday!

Where could price possibly go from here? Well the path north has been cleared above the high as explained above, so higher prices can indeed happen. However for price to rally higher, pro money will require liquidity, and lots of it! So, a drop down to either one of the decision point levels (101.754…101.400-101.465) will probably be seen sometime this week, which level, will solely be determined on how much liquidity is actually needed. So, do keep a close eye on both of these levels!

If the above does happen, how far can price rally? Take a look at the green-shaped arc, look at all those wicks! These wicks are most likely supply consumption meaning most of the sellers were consumed as price was dropping, hence a clear path north right up to 4hr supply above at 103.294-102.983.

Pending/P.A confirmation orders:

  • Pending buy orders (Green line) are seen just above the decision-point level (101.400-101.465) at 101.483. The reason a pending buy order is valid here is for the simple fact this is where pro money were active, they made a decision to push prices higher, indicating there may very well be unfilled buy orders lurking here.
  • Pending buy orders (Green line) are seen just above the decision-point level (101.754) at 101.771. Very similar reason to above, pro money made the decision here to push price up (above the high 102.157) into a zone of interest (take a look at the green arc and see what it resembles) indicating there may very well be unfilled buy orders lurking here.
  • No P.A confirmation buy orders (Red line) are seen in the current market environment.
  • Pending sell orders (Green line) are seen just below supply (103.294-102.983) at 102.953. A pending sell order was set here due to this being an area where likely unfilled sell orders are.
  • No P.A confirmation sell orders (Red line) are seen in the current market environment.

USDJPY 4HR

Quick Recap:

The buyers still seem to really like the long-term weekly S/R flip level at 101.206 as a positive break below has yet to be seen, while on the daily timeframe price is still seen being capped between daily resistance at 102.713 and daily demand below at 100.747-100.967.  Buyers on the 4hr timeframe seem to have consumed some or most of the sellers around the high 102.157 opening a likely clear path above up to 4hr supply at 103.294-102.983. Price will likely see a retracement early this week to either decision point level below (101.754…101.400-101.465), before any higher prices are seen.

  • Areas to watch for buy orders: P.O: 101.483 (SL: 101.375 TP: Dependent on price approach) 101.771 (SL: 101.673 TP: Dependent on price approach) .P.A.C: No P.A confirmation buy orders are seen in the current market environment.
  • Areas to watch for sell orders: P.O: 102.953 (SL: 103.317 TP: Dependent on price approach) P.A.C: No P.A confirmation sell orders are seen in the current market environment.

 

EUR/GBP:

Weekly TF.

The weekly timeframe shows the sellers were in full swing last week, closing the market on its weekly lows at 0.79196.  Take a quick look at the green arc to the left, notice the wicks/tails? These tails could possibly resemble demand/buyers consumption, so be aware price could very well drop a lot further yet! Let’s take a closer look at the action to see if there are any lower-timeframe demand areas within this area (green arc) that could possibly hold up price.

EURGBP WEEKLY

Daily TF.

There is not much to report on the daily timeframe other than selling and, yes, more selling! Remember on the weekly timeframe, we mentioned the green arc price action? Well, on the daily timeframe a fresh daily demand area was found within that area at 0.78117-0.78533, so do note this area down, as price will likely react there when or if it reaches it.

EURGBP DAILY

4hr TF.

Towards the end of last week, the sellers broke the S/R flip level south at 0.79679, then came back up to retest it, before dropping like a rock during NFP Thursday.

The 4hr demand below at 0.78862-0.79185 is also another fresh demand area within the green weekly arc zone (see above). Price is now currently capped between the S/R flip level above at 0.79679 and 4hr demand below (levels above). Price will very likely pay a visit to this fresh 4hr demand area just mentioned early this week, and a nice reaction will more than likely be seen due to its location on the higher timeframes (Weekly demand: 0.76931-0.78623 Daily demand: 0.78117-0.78533).

However do not discount the possibility of a retracement north first up to the S/R flip level (level above) before the 4hr demand area (levels above) sees a touch.

Pending/P.A confirmation orders:

  • Pending buy orders (Green line) are seen just above demand (0.78862-0.79185) at 0.79076. A pending buy order is placed here due to the aforementioned 4hr demand area’s location in the higher timeframes (Weekly demand: 0.76931-0.78623 Daily demand: 0.78117-0.78533).
  • No P.A confirmation buy orders (Red line) are seen in the current market environment.
  • Pending sell orders (Green line) are seen just below the S/R flip level (0.79679) at 0.79641. Our rationale behind placing a pending sell order here when we are trading in and around higher timeframe demand (Weekly demand: 0.76931-0.78623 Daily demand: 0.78117-0.78533) is simply because this was a decision point area made at the aforementioned S/R flip level during NFP Thursday, meaning pro money were certainly active, and unfilled sell orders are more than likely still lurking there.
  • No P.A confirmation sell orders (Red line) are seen in the current market environment.

EURGBP 4HR

Quick Recap:

The weekly timeframe shows the sellers were in full swing last week, closing the market on its weekly lows at 0.79196 edging ever so closer to major weekly demand at 0.76931-0.78623, while on the daily timeframe shows buyers had little to no interest in stopping the selling onslaught! Price remains capped between daily demand at 0.78117-0.78533 and daily supply above at 0.80328-0.80024. The sellers on the 4hr timeframe seem to be heading to near-term fresh 4hr demand at 0.78862-0.79185 where we currently have a pending buy order set and waiting at 0.79076. However, do not discount the possibility of a retrace north back up to where pro money decided to bring prices lower, around the S/R flip level (0.79679), where we also have a pending sell order set at 0.79641.

  • Areas to watch for buy orders: P.O: 0.79076 (SL: 0.78846 TP: Dependent on price approach) P.A.C: No P.A confirmation buy orders are seen in the current market environment.
  • Areas to watch for sell orders: P.O: 0.79641 (SL: 0.79747 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.

 

USD/CAD:

Weekly TF.

The weekly timeframe tells us that the buyers have consumed most, if not all of the sellers located around the high at 1.11252, meaning price is now clear to rally higher.

Take a quick look at the green arc, notice all those wicks? These wicks are most likely supply consumption, look to the right and see how easy price sliced through this area; it was like a hot knife through butter! The weekly decision point (demand) at 1.05715-1.07008 was clearly where the decision was made to rally price to new highs, so this area is very important!

At the moment we are still trading within the weekly demand just mentioned, forming what the majority of traders call an indecision candle. Price did in fact close just below the previous week’s low (1.06589) at 1.06500, when will the buyers begin to show serious interest here? This is the question we would all like the answer to!

USDCAD WEEKLY

Daily TF.

On this timeframe, we can clearly see price remains capped between daily demand at 1.05874-1.06680 and an S/R flip level acting as supply at 1.08277. A small battle appears to be going on in the aforementioned daily demand area; buyers are in control one day, with the sellers taking over the next, hence the indecision candle on the weekly timeframe!

We cannot ignore the fact this is a great-looking daily demand area (levels above), so higher prices are naturally expected up to at least the decision point level above at 1.07508-1.07293.

USDCAD DAILY

4hr TF.

Price is seen dancing around 4hr demand at 1.06041-1.06312, buyers are clearly active here, but at the same time remain indecisve.

It is very likely we will see higher prices to at least the round number 1.07000 above, as the sellers begun reacting to a potential temporary supply on the lower timeframes around the 1.06515 area. This could just be enough to push price back into the aforementioned 4hr demand area to collect a few more orders, before taking prices higher, which will likely happen early this week.

Pending/P.A confirmation orders:

  • Pending buy orders (Green line) are seen within demand (1.06041-1.06312) at 1.06229. Price will likely see a retracement into this demand area, and a bullish reaction will likely follow, as we are currently in higher timeframe demand (Weekly demand: 1.05715-1.07008 Daily demand: 1.05874-1.06680).
  • No P.A confirmation buy orders (Red line) are seen in the current market environment.
  • Pending sell orders (Green line) are seen just below a small supply area (1.07508-1.07434) at 1.07386. A pending sell order has been set here since a bounce from this area will likely be seen if/when price reaches here, as the momentum from this area was quite strong, indicating unfilled sell orders may still be set there.
  • No P.A confirmation sell orders (Red line) are seen in the current market environment.

 USDCAD 4HR

 

Quick Recap:

The weekly timeframe formed what the majority of traders call an indecision candle within weekly demand at 1.05715-1.07008, while on the daily timeframe a small battle appears to be going on within the daily demand area at 1.05874-1.06680; buyers are in control one day, with the sellers taking over the next, hence the indecision candle on the weekly timeframe! The 4hr timeframe shows active buyers around 4hr demand at 1.06041-1.06312 where we currently have a pending buy order set within at 1.06229, as we expect price to retrace a little back into 4hr demand (levels above) thus filling our pending buy order (level above) before higher prices are seen to around the round number 1.07000 above.

  • Areas to watch for buy orders: P.O: 1.06229 SL: 1.05951 TP: Dependent on price approach. P.A.C: There are no P.A confirmation buy orders seen within the current market environment.
  • Areas to watch for sell orders: P.O:1.07386 (SL: 1.07541 TP: Dependent on price approach). P.A.C: There are no P.A confirmation sell orders seen within the current market environment.

 

USD/CHF:

Weekly TF.

The weekly timeframe shows the buyers were in control for most of the week forming what most traders call a pin bar (average looking). Price closed the market near its weekly highs at 0.89382, but was unable to positively close above the previous week’s high at 0.89670.

Price has been trading around weekly demand at 0.85664-0.88124 for some time now, with either buyers or sellers showing much interest on this timeframe. However we cannot ignore the fact we are around higher-timeframe demand (levels above) so, naturally higher prices are expected.

USDCHF WEEKLY

Daily TF.

The daily timeframe shows price has been for the past month trading around daily supply at 0.90372-0.90042. The sellers have appeared to clear out all the remaining buyers left around the low 0.89071 marked with a flag, and now the buyers have taken back control, and remained in control for the most part of last week.

If the low (level above) has indeed been cleared of buyers, theoretically, there is little stopping price dropping down to the support level at 0.86982. What this would mean though is we would be selling into higher-timeframe weekly demand (levels above), not a wise idea, unless one is very confident in their methodology. Let’s take a look on the 4hr timeframe to see if things are a little clearer for us.

USDCHF daily

4hr TF.

Ah! This is what we could not see on the daily timeframe. Price has yet to consume an important low seen at 0.88546, if price did consume this area with a positive close below, price would be free to drop quite some way before hitting its next trouble area around the round number 0.88000.

At the time of writing, we can see price is trading near an important high at 0.89557. The reason for its importance is because if we see a positive close above the aforementioned high, we will likely see price rallying up to at least the round number 0.90000. The reason price could indeed rally this high upon a nice-looking break is because most of the supply has already been consumed by the wicks/spikes highlighted by the green arc pattern, thus the path is most likely clear up to where there is likely sellers lurking i.e. the round number 0.90000.

Pending/P.A confirmation orders:

  • 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 low 0.88546 at 0.88586. The reason that a P.A confirmation buy order was set here rather than a pending buy order was simply because there is no logical area for a stop loss, and the low (level above) will be likely prone to deep tests, or worse, a positive break below, hence the need to wait for confirmation.
  • No pending sell orders (Green line) are seen in the current market environment.
  • P.A confirmation sell orders (Red line) are seen just below the high 0.89557 at 0.89514. The reason that a P.A confirmation sell order was set here rather than a pending sell order was simply because there is no logical area for a stop loss, and the high (level above) will likely be prone to deep tests, or worse, a positive break above, hence the need to wait for confirmation.

USDCHF 4HR

Quick Recap:

The weekly timeframe shows price is meandering around weekly demand at 0.85664-0.88124, while the daily timeframe shows price is trading around daily supply at 0.90372-0.90042. The 4hr timeframe shows price is trading near an important high at 0.89557 where we also have a P.A confirmation sell order set at 0.89514, which if consumed, it will open up a void for possible buying up to at least the round number 0.90000.

  • Areas to watch for buy orders: P.O: There are currently no pending buy orders seen within the current market environment. P.A.C: 0.88586 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
  • Areas to watch for sell orders: P.O: There are currently no pending sell orders seen within the current market environment. P.A.C: 0.89514 (SL: likely to be set at 0.89624 TP: Dependent on approaching price action after the level has been confirmed).

 

XAU/USD (GOLD)

Weekly TF.

The weekly timeframe shows that the most recently closed weekly candle consumed the previous weekly candle high (1325.82) making a new high at 1333.47.

GOLD WEEKLY

Daily TF.

Price has remained trading around daily supply at 1318.12-1331.08 for the most part of last week. It is very difficult to see if the wick/spike was a genuine continuation move or a fakeout for lower prices, maybe the 4hr timeframe will shed some light on this.

GOLD DAILY

4hr TF.

Ah! Price spiking above daily supply (levels above) nearly hit a great-looking 4hr supply area at 1342.30-1335.74. Now, if this is indeed a fakeout above daily supply (levels above), price may yet rally prices further into the aforementioned 4hr supply area to consume all the sellers’ stops lurking above daily supply (levels above).

If price positively closes below 4hr demand at 1304.77-1308.55 we can be quite confident it was indeed a fakeout above daily supply (levels above). If, however price consumes the 4hr supply area above (1342.30-1335.74), we can be pretty sure it is a continuation move. Only time will tell, but we definitely favor a fakeout!

Pending/P.A confirmation orders:

  • 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 S/D flip area (1284.77-1280.53) at 1285.71. We have set a P.A confirmation buy order here simply because we could not find a logical area for the stop-loss order, so to avoid any deep spikes, we have decided to wait for confirmation.
  • P.A confirmation buy orders (Red line) are seen just above demand (1304.77-1308.55) at 1309.75. We did not think a pending buy order was wise here due to the amount of spikes/tails seen already to this area, hence the need to wait for confirmation.
  • Pending sell orders (Green line) are seen just below supply (1342.30-1335.74) at 1334.17. A pending sell order is set here because this is the likely area pro money will push prices to if indeed a fakeout of daily supply (1318.12-1331.08) is happening, thus a pending sell order is valid.
  • No P.A confirmation sell orders (Red line) are seen in the current market environment.

GOLD 4HR

Quick Recap:

The weekly timeframe shows that the most recently closed weekly candle consumed the previous weekly candle high (1325.82) making a new high at 1333.47, while on the daily timeframe price has remained trading around daily supply at 1318.12-1331.08 for the most part of last week. It is very difficult to see if the wick/spike was a genuine continuation move or a fakeout for lower prices at the moment. The 4hr timeframe shows price is currently trading in between 4hr demand at 1304.77-1308.55 and 4hr supply at 1342.30-1335.74 with a break yet to be seen either side, however do watch these areas just mentioned as a break of either could very well answer our questions as to whether a fakeout of daily supply (1318.12-1331) is occurring.

  • Areas to watch for buy orders: P.O: There are currently no pending buy orders seen in the current market environment. P.A.C: 1285.71 (SL: (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed) 1309.75 (SL likely to be set at 1303.11 TP: Dependent on approaching price action after the level has been confirmed).
  • Areas to watch for sell orders: P.O: 1334.17 SL: 1343.78 TP: Dependent on approaching price action)    P.A.C: There are currently no P.A confirmation sell orders seen in the current market environment.