For the readers’ benefit:

Price action confirmation levels: 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 Timeframe: The weekly timeframe shows there is clearly buying interest seen around the weekly ‘buy zone’ area at 1.26591-1.28010. The fact that price has yet to hit this area, and higher prices are already being seen likely indicates strong demand (buying pressure).

Daily Timeframe: As already mentioned above, there is clearly interest in buying the Euro at the moment. A positive daily close has been seen off of the daily demand area at 1.27541-1.28676, but the only way to find out if this buying was indeed legit, and not just traders liquidating short positions would be follow-through buying past the high 1.29941.

4hr Timeframe: Considering that price is trading just above an obvious weekly ‘buy zone’ area (1.26591-1.28010), and buying interest is currently being seen around daily demand at 1.27541-1.28676, we are naturally favoring higher prices for the time being.

A beautiful to-the-pip reaction has been seen off of a small 4hr decision-point area at 1.28095-1.28353, which has consequently pushed price above the 1.29 level. With that being said, we feel this is not the beginning of a reversal just yet. Pro money absolutely love to get the best prices on their trades, as we all do, and the best price (looking at the 4hr timeframe and above) is likely around a 4hr fresh demand area seen below at 1.27541-1.27904 (a pending buy order has been set just above at 1.27970). The reason why we believe this to be the best price is simply because this fresh area of 4hr demand is located deep within not only daily demand, but also a clear weekly ‘buy zone’ as well (levels above).

EURUSD 4HR

Pending orders/Price action confirmation levels:

  • Areas to watch for buy orders: Pending orders: 1.27970 (Stop loss: 1.27477 Take profit level(s): Dependent on how price approaches). Price action confirmation levels:  No price action confirmation buy levels are seen in the current market environment.
  • Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.

 

GBP/USD:

Weekly Timeframe: There is clearly not much interest in selling the pound at the moment, since price has literally ignored the weekly resistance flip level at 1.62591, and now appears to be trading towards a weekly decision-point area at 1.66429-1.65340.

Daily timeframe: The daily timeframe shows price is currently trading around a daily demand flip area at 1.64589-1.64949, if selling interest comes into the market here, there is very little in our opinion stopping price from trading down to the daily decision-point level at 1.62686. Conversely, a break above would likely attract further buying up to around a daily decision-point area seen at 1.66429-1.66057 (located deep within the weekly decision-point area mentioned above).

4hr Timeframe: On the 4hr timeframe, price is currently trading around where the decision (1.64639-1.64385) was made to consume daily demand at 1.64589-1.64949, making this a very important area indeed. Be that as it may, price is too close to near-term resistance (1.64) to justify entering short here from a risk/reward perspective. With that being said, if a break below the 1.63876 level is seen, we would definitely consider entering short. A break above this 4hr decision-point area, could likely force price to hit the 1.65 round-number level.

However, taking into consideration all of the above, we mustn’t forget that the weekly timeframe is showing room to move higher at least to the weekly decision-point area at 1.66429-1.65340, so do bear this in mind before clicking the sell button.

GBP 4HR

Pending orders/Price action confirmation levels:

  • Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
  • Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.

 

AUD/USD:

Weekly Timeframe: A full-bodied bearish candle has been seen closing below a long-term weekly consolidation area at 0.94600/0.92046. In our humble opinion, it appears there is very little obvious weekly demand until price reaches the weekly Quasimodo support level at 0.88189, which is beautifully located just above a weekly demand area at 0.86591-0.88247. Be that as it may, we should not discount the possibility that price may retest the 0.92046 level (now resistance) sometime soon.

Daily Timeframe: The daily timeframe shows daily demand at 0.89942-0.90510 has been well and truly consumed now. The Aussie seems to have found support around the 0.89226 level, with that being said, we feel this support is only temporary, and a push lower is imminent, thereafter, we’ll be closely watching the daily Quasimodo support level at 0.87556.

4hr Timeframe: A deep test and reaction was seen around the fresh 4hr demand area at 0.89226-0.89485, consequently pushing prices up to the huge psychological number 0.9. It is not surprising we are currently seeing selling interest here, since a full-bodied bearish candle previously smashed straight through this area, which very likely left a lot of unfilled pending sell orders there in the process.

With both the daily, and weekly timeframes indicating a possible decline in value (see above), we will be watching here for the sellers to confirm the round number by breaking below the 0.89736 level (seen much clearer on the 15-minute timeframe), only then would we consider entering short.

 AUD 4HR

Pending orders/Price action confirmation levels:

  • Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
  • Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.

 

USD/JPY:

Weekly Timeframe: Price has now successfully entered a long-term weekly supply area at 110.652-108.123. We will now be primarily looking for selling opportunities, if a long trade presents itself, it will be taken with extreme caution.

Daily Timeframe: With price successfully closing above daily supply at 106.946-105.083, and retesting it as support, the buyers were seen once again on fire. Price has closed above a long-term daily support flip level at 108.421, with very little fresh daily supply being seen above. Any traders considering trading the retest of the 108.421 level (as support) should do so with caution, as even though we see little fresh daily supply to the left, we have to be prepared for some serious selling action to be seen, since the higher timeframes generally have precedence over the lower timeframes.

4hr Timeframe: With not having enough historical data on the 4hr timeframe, we cannot see what the price action is like within the weekly supply area at 110.652-108.123. With that being said, price is now trading around the 109 level where selling interest is beginning to come into the market. For us to sell this pair, we need to see price form a very stable 4hr supply area, or Quasimodo resistance level, since just selling blindly off of the 109 level is like driving a car with no lights in the dark, we need to see what’s ahead! So, until then, we are going to patiently watch price action unfold, and wait for a more high probability setup to enter the market.

USDJPY 4HR

Pending orders/Price action confirmation levels:

  • Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
  • Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.

 

EUR/GBP:

Weekly Timeframe: A to-the-pip touch has been seen off of a weekly supply area at 0.81571-0.80635. Could this be enough to push prices down into the weekly demand area seen at 0.76931-0.78623? It certainly appears that way at the moment.

Daily Timeframe: The daily timeframe shows the Euro has seen a serious decrease in value against the British pound as prices continue to plummet. A break below the daily demand area at 0.78905-0.79162 has recently been seen, this move has very likely consumed the majority of the buyers attempting to fade this area. If follow-through selling is seen from here, the next significant area of daily demand to keep an eye on is coming in at 0.78117-0.78533 (conveniently located within weekly demand at 0.76931-0.78623).

4hr Timeframe: The recent sell off seen on this pair forced price to completely ignore the 4hr Quasimodo support level at 0.79165, once an ignored Quasimodo level is seen on the higher timeframes like this, there is usually a good opportunity to enter on the break, for instance, go down to the 15 minute timeframe, and check out the small drop base drop supply area at 0.79212-0.79115, this would have made for a fantastic touch trade with great risk to reward!

At the time of writing, the buyers and sellers are seen dancing around the round number 0.79. This level is showing definite weakness, and this could likely encourage follow-through selling down to the next significant area of 4hr demand seen at 0.78320-0.78602 (a pending buy order has been set just above at 0.78626). In addition to this, the 4hr demand area is located within not only daily demand (0.78117-0.78533), but also weekly demand (0.76931-0.78623) as well, making this a very high-probability trade indeed!

EURGBP 4HR

Pending orders/Price action confirmation levels:

  • Areas to watch for buy orders: Pending orders: 0.78626 (Stop loss: 0.78298 Take profit: Dependent on how price approaches).  Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
  • Areas to watch for sell orders: Pending orders: 0.79882 (Stop loss: 0.80103 Take profit: Dependent on how price approaches).  Price action confirmation levels: No price action confirmation sell levels seen in the current market environment.

 

USD/CAD:

Weekly Timeframe: With the consumption of the weekly supply area recently seen at 1.10522-1.09996, we expected prices to at least touch base with the weekly Quasimodo resistance level at 1.11252 before selling was seen. It appears pro money may have already accumulated all the liquidity they needed to sell. The next area of interest for the sellers to be watchful of on this timeframe is likely around the weekly decision-point level at 1.08774.

Daily Timeframe: A very small break below the daily decision-point area (1.09329-1.09825) has been seen at 1.09256. Could this mean the buyers around this area are consumed, and the path south is clear down to around the daily support flip level at 1.08277? In our opinion, it is very possible considering the weekly timeframe is not showing any significant support until around the weekly decision-point level at 1.08774.

4hr timeframe:  Two very obvious tails/spikes (1.09256/1.09261) seen below 4hr demand at 1.09329-1.09515 likely cleared out the majority of the buyers around this area (including us), only for price to then hit (what would have been) our first take-profit target at 1.09966, very frustrating to say the least. This move is very interesting, since we initially thought this was a classic fakeout to accumulate liquidity, but now, considering how prices have reacted around the round number 1.1 ‘area’, we believe it may have been to consume any buying opposition to clear the way down to at least the round number 0.9 (which is conveniently located 20 or so pips above the weekly decision-point level at 1.08774). We have chosen to wait for price action confirmation around the aforementioned round number before buying (if prices reach here of course), since pro money could very well fake this level, and trade down into the weekly decision-point level (level above) just below before higher prices are seen.

USDCAD 4HR

Pending orders/Price action confirmation levels:

  • Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: 1.09036 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
  • Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No Price action confirmation sell levels are seen in the current market environment.

 

USD/CHF:

Weekly Timeframe: At the time of writing, the weekly timeframe shows price is trading within weekly supply at 0.94546-0.93081. Should this pair see a sell off, we can likely expect active buyers to come into the market around the weekly resistance flip level at 0.90927.

Daily timeframe: Even with the recent push seen deeper into daily supply at 0.94546-0.93702, this only tells us that both this supply area and the weekly supply at 0.94546-0.93081 are likely beginning to weaken. With that being said, no decision (in our opinion) has yet to be made regarding future direction. Assuming a breakout above the daily supply area is seen, we can safely assume higher prices will likely follow, since weekly supply [levels above] would also be consumed as well). On the other hand,  if selling interest comes into the market here, and consumes the daily decision-point level below at 0.93020, this then suggests to us follow-through selling may be seen down to around the daily demand area at 0.91251-0.91738.

4hr Timeframe: Sellers were seen to be very active around 4hr supply at 0.94546-0.94291, which forced price down to a minor 4hr resistance flip level at 0.93660. Taking into consideration where price is currently located on the higher timeframes at the moment (Weekly supply: 0.94546-0.93081, Daily supply: 0.94546-0.93702), lower prices should be seen.  If the sellers can overcome the current buying pressure seen around the 0.93660 level, then this would likely attract further selling down to around the 0.93344 level (a 4hr decision-point level). Conversely, a break higher above the round number 0.94 back into the aforementioned 4hr supply area would likely encourage fresh sellers into the market.

With all the above taken into consideration, we have no interest in selling this market until the daily decision-point level at 0.93020 is consumed, since this will likely confirm price has room to move lower.

USDCHF 4HR

Pending orders/Price action confirmation levels:

  • Areas to watch for buy orders: Pending orders: 0.92635 (Stop loss: 0.92410 Take profit levels(s):  Dependent on how price approaches). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
  • Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No Price action confirmation sell levels are seen in the current market environment.

 

XAU/USD (GOLD):

Weekly Timeframe: Following a positive close below the weekly decision-point level at 1244.08, price appears relatively free to trade lower down to around a ‘weekly buy zone’ seen at 1156.70-1194.45. At the time of writing, price came within a few points of nearly retesting the 1244.08 level as resistance, could this be all the sellers need to push prices down to around weekly demand at 1156.70-1194.45?

Daily Timeframe: A close below the minor daily decision-point level at 1227.66 was seen as expected. If price can successfully retest this level as resistance, this will likely encourage follow-through selling down to a very obvious daily support flip level at 1211.67 where we are expecting a bounce at the very least.

4hr Timeframe: The 4hr support flip level at 1223.33 is beginning to show serious weakness, this could encourage further selling down to the next area of significant support coming in at 1187.17 (Quasimodo support level), since all near-term demand appears to have already been consumed (take note of the demand consumption tails to the far left (1218.36/1214.89/1213.17).

The 4hr Quasimodo support level is a very important, since this is the overall origin of a three-month long rally beginning on 31/12/13 and ending on 14/03/14, and thus making this a level worth watching for future buying opportunities.

GOLD 4HR

Pending orders/Price action confirmation levels:

  • Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
  • Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment.  Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.