Monday 18th August: Weekly technical outlook and review.

For the readers’ benefit:

Price action confirmation: Simplymeans 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.

It is a beautiful site within weekly demand at 1.32940-1.34847, three weekly pin bars in a row have been seen which most traders associate with bullish activity, and sometimes rightly so! However a question we need answering is are these tails/spikes consumption or indeed rejection? Let’s take a look at the lower timeframes for a closer inspection.

EURUSD WEEKLY

Daily TF.

Last week buyers and sellers remained confined between a daily supply area above at 1.34433-1.34202 and a daily level of interest below at 1.33559. In our opinion, if a close above the aforementioned daily supply area had been seen, but had not hit the daily D/S flip area above at 1.34760-1.35265, the weekly pin bars would be valid. Nonetheless, as it stands on this timeframe, no close above has been seen, so for the time being we remain on the side of caution regarding whether the weekly pin-bar candles are indeed genuine rejection or not.

EURUSD DAILY

4hr TF.

Friday saw price once again rally off of the 4hr demand area below at 1.33360-1.33619, and made a high of 1.34106.

Here is a snippet from the last analysis which still holds true:

Take a look at the green down trend line, yes, we know this highlights the fact that price is trending south, but it also represents what pro money’s likely intentions are for the future. Notice how every time a decline was seen, price then rallied back up to collect sell orders for yet another push to the downside, however clearing out the sell orders also clears the path north for any future buying which is highly likely at the moment, as let’s not forget, price is currently trading within a weekly demand area (levels above), so higher prices are naturally expected.

For price to have any chance of rallying higher from here, a break above the high marked with a green flag will need to be seen at 1.34141, why? Well, if price breaks above this high, we have effectively entered into a zone that has very little supply/sellers left, so price would be free to travel north. If during the week, we see a close above the 4hr decision-point area at 1.34433-1.34305, this will also mean not only has this area of supply been consumed, but also a daily decision-point area at 1.34433-1.34202. This means we can then likely expect higher prices at least up to the next fresh supply areas on the respective timeframes (Daily: 1.34760-1.35265, 4hr: 1.34760-1.34943), and will also give some validity to rejection of prices being seen within weekly demand at 1.32940-1.34847.

Pending orders/P.A confirmation levels:

  • The pending buy order (Green line) set within 4hr demand (1.33360-1.33619) at 1.33526 is now active, Our first take-profit level was hit at 1.34, so do keep an eye on our second and final take-profit level set at 1.34305.
  • No P.A confirmation buy levels (Red line) are seen in the current market environment.
  • Pending sell orders (Green line) are seen just below the 4hr D/S flip area (1.34760-1.34943) at 1.34753.The reasoning behind setting a pending sell order here was because this is the area we believe on this timeframe pro money sellers made the decision to push prices south into (what was at the time) 4hr demand at 1.33984-1.34404, with the possibility of unfilled sell orders still waiting there.
  • No P.A confirmation sell levels (Red line) are seen in the current market environment.

EURUSD 4HR

Quick Recap:

The weekly timeframe has formed yet another weekly pin-bar candle within weekly demand at 1.32940-1.34847, while on the daily timeframe, buyers and sellers still remain confined between a daily supply area above at 1.34433-1.34202, and a daily level of interest below at 1.33559. For the weekly pin bars to be proven valid, we would need to see a push higher on the 4hr timeframe (which will be great for us as we have an active buy order in the market at 1.33526) above the high marked with a green flag at 1.34141, what would be even better though, would be a break above the 4hr decision-point area at 1.34433-1.34305, this will also mean not only has this area of supply been consumed, but also the daily decision-point area at 1.34433-1.34202. This means we can then likely expect higher prices at least up to the next fresh supply areas on the respective timeframes (Daily: 1.34760-1.35265, 4hr: 1.34760-1.34943), and will also give some validity to rejection of prices being seen within weekly demand at 1.32940-1.34847.

  • Areas to watch for buy orders: P.O: 1.33526 (Active) (SL: 1.33280 TP: [1] 1.34 [2] 1.34305). P.A.C: No P.A confirmation buy levels are seen in the current market environment.
  • Areas to watch for sell orders: P.O: 1.34753 (SL: 1.35031 TP: Dependent on price approach). P.A.C: No P.A confirmation sell levels are seen in the current market environment.

 

GBP/USD:

Weekly TF.

Over the past few weeks, serious selling has been seen from the weekly supply area at 1.76297-1.67702, which consequently saw price closing below a weekly demand area last week at 1.66917-1.67935. Price could likely be forced to trade lower down to around weekly demand below at 1.64589-1.66339.

GBPUSD WEEKLY

Daily TF.

A positive daily close below the daily demand area at 1.67367-1.68440 has been seen, price is likely to test the daily demand area below at 1.65492-1.66044 (which is conveniently located within weekly demand at 1.64589-1.66339), as most of the demand/buyers to the immediate left appear to have already have likely been consumed by two prominent tails/spikes (1.66559/1.66978).

GBPUSD DAILY

4hr TF.

Since the last analysis, not much has changed, other than pro money appears to be consuming demand/buyers as price rallies into the round number 1.67, indicating the path south is likely clear (represented with a green trend line –most likely clearer on the lower timeframes).  Upon consumption of the low marked with a green flag at 1.66563, the path south is relatively clear down to around a nice-looking fresh 4hr demand area at 1.65492-1.65809 (beautifully located within daily demand at 1.65492-1.66044). We are not expecting too much today (Monday), as there’s very little data due out, so we will be watching price action very carefully on Tuesday for a break of the aforementioned low.

Pending orders/P.A confirmation levels:

  • No pending buy orders (Green line) are seen in the current market environment.
  • No P.A confirmation buy levels (Red line) are seen in the current market environment.
  • No pending sell orders (Green line) are seen in the current market environment.
  • The P.A confirmation sell level (Red line) set just below the round number 1.67 at 1.66961 is now active.  The sellers must confirm this round number level by consuming some or most of the buyers around the low marked with a green flag at 1.66563, only then will we be permitted to set a pending sell order in the market.
  • P.A confirmation sell level (Red line) are seen just below the 4hr D/S flip area (1.67389-1.67561) at 1.67327. A P.A confirmation sell level was used here because there is no logical area for a stop-loss order on the 4hr timeframe at least.

GBPUSD 4HR

Quick Recap:

A retest of the round number 1.67 appears to have happened (our P.A confirmation sell level has been triggered at 1.66961); price will need to drop below the low 1.66563 for us to be confident that prices are likely clear down to the next area of interest which is in our opinion around the 4hr demand area at 1.65492-1.65809.

  • Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment.  P.A.C: No P.A confirmation buy levels are seen in the current market environment.
  • Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment.   P.A.C: 1.67327 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed) 1.66961 (Active-awaiting confirmation) (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

 

AUD/USD:

Weekly TF.

Price is still frustratingly trading within a weekly consolidation area with the upper limits seen at 0.94600, and the lower at 0.92046. The week before last, the sellers were still pushing south, however, last week put an end to that, as the buyers bit back, and pushed price back into the range closing the market for the week at 0.93155.

AUDUSD WEEKLY

Daily TF.

Buying pressure was seen for the most part of last week from around the daily demand area at 0.92046-0.92354. For the time being, price is caught trading between the aforementioned daily demand area, and a daily decision-point level at 0.93529. A break above could see prices test daily supply at 0.94729-0.94175, conversely, a break below will likely see a push south towards a daily R/S flip level at 0.91323. Let’s also not forget, if a break below is indeed seen, this would effectively mean that price has broken below the weekly consolidation area (levels above) as well.

AUDUSD DAILY

4hr TF.

A successful retest of the round number 0.93 was seen late Friday; however active sell orders kept price from rallying around a 4hr minor supply area at 0.93226-0.93333 causing a tail to form just before the market closed. If we see a close above this 4hr supply area, we can likely expect price to at least trade to the level of 4hr supply marked with a green flag at 0.93529 (prominent daily decision-point level – take a look on the daily chart), which is the only level stopping price from hitting our third and final take-profit target at 0.93728 (active long position from 0.92417). However, if we see a push/spike below the round number down to the 4hr R/S flip level at 0.92815, this would likely fill our pending buy order set just above at 0.92857, and allow pro money to collect more liquidity to push higher (traders will be long from the round number, stops will be below, once these stops are triggered, they become sell orders = liquidity for pro money to buy into. Also, there will be a lot of breakout sellers selling if a close below is seen, thus handing over more sell orders to pro money).

Either way, it will be very interesting to see how price action unfolds this week.

Pending/P.A confirmation levels:

  • The pending buy order (Green line) set just above the 4hr decision-point level (0.92384) at 0.92417 is now active. Our second take-profit target has recently been hit at 0.93, so do keep an eye out for our third and final take-profit target set at 0.93728.
  • Pending buy orders (Green line) are seen just above a minor 4hr R/S flip level (0.92815) at 0.92857. The reasoning behind setting a pending buy order here is simply because the buyers pushed off nicely from this level, and consumed what appears to be most of the sellers around the high marked with a circle at 0.93185 possibly clearing the path north, so if price does indeed return to this area, a first-time reaction is very much expected.
  • No P.A confirmation buy levels (Red line) are seen in the current environment.
  • No pending sell orders (Green line) are seen in the current environment.
  • No P.A confirmation sell levels (Red line) are seen in the current market environment.

AUDUSD 4HR

Quick Recap:

A retest of the round number 0.93 was seen late Friday, we expect one of two things to happen, a break above 0.93333, which will likely push prices up to the area of supply marked with a green flag at 0.93529  (daily decision-point level at 0.93529), which is the only level stopping price from hitting our third and final take-profit target at 0.93728 (active long position from 0.92417), nonetheless, price could see a push below the round number to a 4hr S/R flip level at 0.92815 (filling our pending buy order set at 0.92857 in the process) before higher prices are seen.

  • Areas to watch for buy orders: P.O: 0.92417 (Active) (SL: 0.92228 TP: [1] 0.92815 [2] 0.93 [3] 0.93728) 0.92857 (SL: 0.92700 TP: Dependent on how price approaches the area).  P.A.C: No P.A confirmation buy levels seen in the current market environment.
  • 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 levels seen in the current market environment.

 

USD/JPY:

Weekly TF.

The weekly does not show much development since the last weekly analysis, since price still remains trading between a long-term weekly R/S flip level at 101.206, and a weekly supply area above at 105.432-104.065.

USDJPY WEEKLY

Daily TF.

Yet another bearish reaction has been seen off of the daily resistance level at 102.713, this could very well be the left-over sell orders that need to be cleared though for a push higher to be seen. The three spikes above this level (103.082) are thought to have cleared the majority of sell orders, leaving the price relatively clear up to around daily supply at 104.104-103.802. This week should be interesting, but overall on this timeframe we can see a push or even a close above the aforementioned daily R/S flip level.

USDJPY DAILY

4hr TF.

It was reported in the last analysis that we expected higher prices up to the 4hr decision-point level at 102.922, and that the only level of supply in the way was at 102.738 marked with a green flag. We can all see a beautiful reaction was seen late Friday at the 102.738 level slamming prices down making a low of 102.129.

Clearly pro money did not have the liquidity to overcome the selling pressure around the 102.738 level (some of the sell orders should be consumed now with this move though). If pro money’s intent is really on trading north, they will likely push price down to around the round number 102 where we currently have a P.A confirmation level waiting at 102.027 (this will likely entice sell orders in to the market, which pro money will use to buy into, and help push price higher), so, it may be a good idea to watch this round number level carefully this week, as a break below there could force price much lower down to around 4hr demand at 101.406-101.531.

Pending/P.A confirmation levels:

  • Pending buy orders (Green line) are seen just above the 4hr demand area (101.187-101.276) at 101.282. A pending buy order has been placed here simply because we are trading relatively close to daily demand at 100.747-100.967 and also this 4hr area remains fresh and untouched for the time being.
  • Pending buy orders (Green line) are seen just above the 4hr demand area (101.306-101.365) at 101.375. A pending buy order has been placed here simply because we are trading relatively close to daily demand at 100.747-100.967 and also this 4hr area remains fresh and untouched for the time being.
  • P.A confirmation buy levels (Red line) are seen just above the round number 102 at 102.027. The reason behind setting a P.A confirmation buy level here, and not a pending buy order is simply because as explained many times over, these round number levels are sometimes subject to deep test/spikes, which consequently stops out countless traders, we do not want to be one of them, hence the need for confirmation here.
  • No pending sell orders (Green line) are seen in the current market environment.
  • P.A confirmation sell levels (Red line) are seen just below a 4hr decision-point level (102.922) at 102.900. The reason for setting a P.A confirmation sell level here is simply because price has already tested this area, meaning that supply could have already been consumed, hence the need to wait for confirmation.

USDJPY 4HR

Quick Recap:

A bearish reaction has been seen around a 4hr supply level marked with a green flag at 102.738, which was initially thought of as a road bump stopping price hitting the 4hr decision-point level above at 102.922, some road bump!!! We now expect price to drop further south to around the round number 102, this will likely help pro money collect liquidity for a push north, so do watch price around this area carefully this week.

  • Areas to watch for buy orders: P.O: 101.282 (SL: 101.158 TP: Dependent on price approach) 101.375 (SL: 101.158 TP: Dependent on price approach). P.A.C: 102.027 (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: 102.900 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

 

EUR/GBP:

Weekly TF.

A push higher into the weekly decision-point area at 0.80328-0.79780 has been seen, with the sellers showing very little interest at the moment. A close above here is what we are expecting, which would likely clear the path north to around a weekly supply area at 0.81397-0.80805.

EURGBP WEEKLY

Daily TF.

A spike (0.80351) above daily supply at 0.80328-0.80024 has been seen, this spike has likely stopped out a lot of sellers attempting to fade the area. With these sellers consumed, price is very likely free to move up to the next area of interest around a daily S/R flip level at 0.80809. However, before this happens do be prepared for decline in value back down to daily demand at 0.78862-0.79206 at least, since pro money may not have the required liquidity (sell orders for their buys) for a push further up just yet.

EURGBP DAILY

4hr TF.

We can clearly see most of the sellers are consumed around the 4hr supply area at 0.80264-0.80133, which means price is likely free to hit 4hr supply above at 0.80619-0.80409. however, for pro money to make this happen, they need sell orders to buy into (the sellers’ stops from around 4hr supply at 0.80264-0.80133 are now buy orders, pro money cannot use them to buy into! A decline in value may well be seen to entice more sell orders into the market for pro money to use as liquidity, the areas we are watching closely for price to decline to are the round number 0.8, and the 4hr S/D flip area at 0.79792-0.79689.

Pending/P.A confirmation levels:

  • The pending buy order (Green line) set just above demand (0.78602-0.78320) at 0.78641 has been removed since price has rallied too far from the entry level for the time being.
  • New P.A confirmation buy levels (Red line) are seen just above the round number 0.8 at 0.80017. The reasoning behind setting a P.A confirmation level here and not a pending order is because there is no logical area below the round number for a stop-loss order meaning price could just shoot straight through it!
  • The pending sell order (Green line) set just below the 4hr supply area (0.80264-0.80133) at 0.80110 has been stopped out for a little loss.
  • New pending sell orders (Green line) are seen just below 4hr supply (0.80619-0.80409) at 0.80387. The reasoning for placing a pending sell order here is simply because the momentum from the supply base was very good, and this area remains fresh.
  • No P.A confirmation sell levels (Red line) are seen in the current market environment.

EURGBP 4HR

Quick Recap:

Our pending sell order set just below the 4hr supply area (0.80264-0.80133) at 0.80110 has been stopped out, which potentially cleared the path north to around 4hr supply at 0.80619-0.80409. Before price reaches there though, we’re expecting a decline in value down to either the round number 0.8 (P.A confirmation level set just above at 0.80017), or with a push the 4hr S/D flip area below at 0.79792-0.79689.

  • Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment.P.A.C: 0.80017 (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: 0.80387 (SL: 0.80648 TP: Dependent on how price approaches) P.A.C: No P.A confirmation sell levels are seen in the current market environment.

 

USD/CAD:

Weekly TF.

Upon price closing above the weekly supply area at 1.09592-1.08133, price was relatively free to hit the small weekly supply area at 1.10522-1.09996, however before this happens a decline in value may well be seen all the way back down to weekly demand at 1.05715-1.07008, since pro money may need more liquidity for a further push up.

USDCAD WEEKLY

Daily TF.

What is happening on the weekly timeframe seems to happening on the daily timeframe, only in a smaller scale. A mini tug of war was being seen around daily supply at 1.09592-1.09156 which very likely cleared the sellers out, leaving the path relatively clear up to the daily supply above at 1.10522-1.10133 (located within the weekly supply area at 1.10522-1.09996). Pro money may not have the liquidity to push prices further yet, so a decline (which seems to have already started) may be seen down to the following levels: daily S/R flip level at 1.08277, a daily minor R/S flip level at 1.07932, and finally a daily demand area at 1.05874-1.06680 which is conveniently located within weekly demand at 1.05715-1.07008.

USDCAD DAILY

4hr TF.

Price came within a few pips of filling our pending sell order set within 4hr demand (1.08441-1.08650) at 1.08544 on Friday. Since price came so close, and likely consumed a lot of buyers consequently weakening this area, we have decided to remove this pending buy order, since both the weekly and the daily timeframes indicate lower prices could be seen, it’s always best to take a trade when all the ducks are lined up!

However, something that does catch our eye is the green trendline, this again is not to represent a trend as such, it is more to show how pro money have likely consumed the sellers as price was dropping, thus clearing the path north. So, with this in mind we see a possible trade if a break above the high marked with a green flag is seen at 1.09179, we could then see a quick decline back to the 4hr demand area at 1.08441-1.08650 (which is where we’ll be looking for longs), for a further push up to at least 4hr supply at 1.09830-1.09652.

Pending/P.A confirmation levels:

  • N0 pending buy orders (Green line) are seen in the current market environment
  • No P.A confirmation buy levels (Red line) are seen in the current market environment.
  • Pending sell orders (Green line) are seen just below 4hr supply (1.10388-1.10163) at 1.10133. A pending sell order has been set here simply because we expect the round number below at 1.1 to be faked above towards this area, hence a first-touch reaction is expected, since pro money will likely be selling to all those fader traders with their stops just above the round number, and this could very well push prices higher above the round number level right into the aforementioned 4hr supply area.
  • No P.A confirmation sell levels (Red line) are seen in the current market environment.

USDCAD 4HR

Quick Recap:

What we’re currently watching is for price to break above the high marked with a green flag at 1.09179, and then see if price declines down to around the 4hr demand area at 1.08441-1.08650 (where we’ll be looking to enter long), for a further push up to at least 4hr supply at 1.09830-1.09652.

  • Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C:No P.A confirmation buy levels seen within the current market environment.
  • Areas to watch for sell orders: P.O: 1.10113 (SL: 1.10411 TP: Dependent on how price approaches) P.A.C: No P.A confirmation sell levels seen within the current market environment.

 

USD/CHF:

Weekly TF.

A nice bearish reaction has been seen off of the weekly decision-point level at 0.90927 which appears to have engulfed the previous price action (two miniature bearish pin-bar candles). Could this mean we are going to see a further push back down to weekly demand at 0.85664-0.88124? Let’s take a look lower down the scale to see if we can find any more information.

USDCHF WEEKLY

Daily TF.

Friday clearly was a bearish day! Take a look at that full-bodied bearish candle slamming deep within a daily S/D flip area at 0.90372-0.90042! For us, if we’d have seen a close or even a push/spike below this area, it would have helped give us confidence to say price was indeed going to drop, well, a drop down to at least daily demand at 0.88973-0.89311. But as it stands, price has yet to see a break, and remains capped between the daily S/D flip area at 0.90372-0.90042, and daily supply above at 0.91556-0.90985.

USDCHF DAILY

4hr TF.

Our pending buy order was filled very late Friday; this is dangerous for us, as price could jump below our stop-loss order! So, as soon as the market opens we’ll be watching this pair very closely.

Let’s recap here for a moment, the weekly chart shows price is reacting bearishly off of a weekly decision-point level at 0.90927, while the daily timeframe is trading very deep within daily demand at 0.90372-0.90042, unless we see a break below this area, we currently have conflicting signals.

If our current active long position does indeed work out, we can watch price action from there targeting around the 4hr supply area above at 0.90687-0.90621 knowing we are trading out of the aforementioned daily demand area. Nonetheless, if it is stopped out, we will then be watching the big round number level 0.9 for a reaction north (P.A confirmation level set just above at 0.90026), so for the time being it is a waiting game for us on this pair.

Pending/P.A confirmation levels:

  • The pending buy order (Green line) set just above the decision-point level (0.90215) at 0.90233 is now active, so do keep an eye on our first take-profit target set at 0.90621.
  • New P.A confirmation buy levels (Red line) are seen just above the round number 0.9 at 0.90026. The reasoning behind not placing a pending buy order right away is simply because this level could see a deep test, or even worse, be completely ignored!
  • P.A confirmation sell levels (Red line) are seen just below 4hr supply (0.91329-0.91141) at 0.91112. The reasoning behind setting a P.A confirmation sell order here is  because price has already visited this area once already, this likely means some of the sellers have already been consumed, so a push higher may well be seen into the 4hr supply area, or even a break above, hence the need for confirmation here.
  • Pending sell orders (Green line) are seen just below the round number 0.91 at 0.90975. Our reasoning behind setting a pending sell order here is because the sellers previously consumed most of the buyers around the low marked with a green flag at 0.90553, likely indicating the path south is clear, thus we have now placed a pending sell order awaiting a possible return.

USDCHF 4HR

Quick Recap:

Our pending buy order was filled late Friday; this is a little concerning since price could jump below our stop! If buying interest is seen when the market opens, we will be targeting the 4hr supply area just above 0.90621. If it is stopped out, we will then be watching the big round number level below 0.9 for a reaction north (P.A confirmation level set just above at 0.90026), so for the time being it is a waiting game for us on this pair.

  • Areas to watch for buy orders: P.O: 0.90233 (Active) (SL: 0.90117 TP: 0.90621 – May be subject to change). P.A.C: 0.90026 (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: 0.90975 (SL: 0.91355 TP: Dependent on how price approaches) P.A.C: 0.91112 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

 

XAU/USD:

Weekly TF.

Price still remains trading between the weekly supply area above at 1391.97-1328.04 and a nice-looking weekly decision-point level below at 1244.04; however, trading action is currently taking place nearer the weekly supply area for the time being.

GOLD WEEKLY

Daily TF.

Friday saw a push south down to the daily R/S flip level at 1292.52, where the buyers were certainly active and waiting! For the time being price is capped between the aforementioned daily S/R flip level and a daily decision-point level at 1318.96. If a break above is seen, watch for price to likely test daily supply at 1344.91-1333.55, conversely, a break below could see a drop in price down to a major daily S/R flip level at 1277.36.

GOLD DAILY

4hr TF.

Our P.A confirmation level (1305.63) set just above the 4hr S/R flip level at 1304.77 was indeed confirmed as price spiked above the high with a green flag at 1317.79, but fortunately we were not around to place a pending buy order, so we avoided a loss there.

It did not take long for the buyers to regain control though as they pushed price back up to the aforementioned 4hr S/R flip level to retest it which is where the market closed for the week at 1304.58. At the beginning, and most likely during the week, we are going to be watching the following levels: 1304.77, for a retest south, the 4hr R/S flip level above at 1323.04 (P.A confirmation level set just below at 1321.55), and also 4hr S/D flip area below at 1284.77-1280.53 (pending buy order set just above at 1285.71).

Pending/P.A confirmation levels:

  • Pending buy orders (Green line) are seen just above 4hr demand (1258.40-1264.53) at 1266.09.  The reason a pending buy order has been set here, is because this area in our opinion remains the overall origin of a big rally to the upside, likely meaning there are a lot of unfilled buy orders siting in and around this area.
  • Pending buy orders (Green line) are seen just above the 4hr S/D flip area (1284.77-1280.53) at 1285.71. We have set a pending buy order here since the buyers have proved this to be an area of interest (they traded above the high marked with a green flag at 1297.20 – which was at the time a requirement for a pending buy order to be set), so for the time being we are now awaiting a return back to this area where our pending buy order will likely be filled in the process.
  • No P.A confirmation buy levels (Red line) are seen in the current market environment.
  • No pending sell orders (Green line) are seen in the current market environment.
  • P.A confirmation sell levels (Red line) are seen just below the 4hr R/S flip level (1323.04) at 1321.55. We have set a P.A confirmation sell level here simply because price could easily break above this level, and head for the 4hr supply area at 1342.30-1335.74, hence the need to wait for confirmation.

GOLD 4HR

Quick Recap:

The market closed (1304.58) just below the 4hr S/R flip level at 1304.77, so a retest may well yet be seen! For the beginning, and most likely during the week, we’ll be watching the following levels/areas closely for a reaction: 1304.77, for a retest south, the 4hr R/S flip level above at 1323.04 (P.A confirmation level set just below at 1321.55), and also 4hr S/D flip area at 1284.77-1280.53 (pending buy order set just above at 1285.71).

  • Areas to watch for buy orders: P.O: 1266.09 (SL: 1256.40 TP: Dependent on price approach) 1285.71 (SL: 1278.53 (TP: Dependent on price approach). P.A.C: No P.A confirmation levels are seen in the current market environment.
  • Areas to watch for sell orders: P.O: No pending sells orders seen in the current market environment. P.A.C: 1321.55 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).