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 a level, or area is valid for a touch trade.

 

EUR/USD: 

Weekly Timeframe: At this moment in time, price is seen trading within a very obvious weekly ‘buy zone’ (1.26591-1.28010). This zone remains an important one to us, since it has provided support to the market on three previous occasions, the first, on the 25/03/13 (1.27497), the second seen on the 13/05/13 (1.27953), and finally the third time was on the 01/07/13 (1.28049). Therefore, we are expecting some sort of a bullish reaction to be seen here.

Daily Timeframe: It was reported in the previous analysis we could possibly see a break of daily demand (1.27541-1.28676) down to an obvious daily support flip level at 1.26859. As we can all see, this has indeed happened. This move very likely stopped out countless buyers in the process. With this in mind, we expect prices to rally here up to at least the 1.29001-1.28453 area.

4hr timeframe: We feel that this pair has for the time being switched to buying mode. The weekly and daily timeframes are showing strong demand (Weekly: 1.26591-1.28010, Daily: 1.26859), and only recently ‘buying tails’ (shown with the green arrow) have been seen around the 1.27 level. If follow-through buying is seen, we can likely expect prices to test the 1.27894-1.27731 area.  This area in our opinion is very important, since this was where a decision was made in the market to sell price down to the 1.27 level. Once that decision was made, there were very likely unfilled sell limit orders left unfilled, and thus once/if price returns, we can expect some sort of a reaction to be seen. With that being said, the higher-timeframe picture is indicating longs, so a break above here, and even possibly the 1.28 level, will likely attract further buying up to yet another 4hr decision-point area at 1.28626-1.28439.

EURUSD 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.

 

GBP/USD:

Weekly Timeframe: A near to-the-pip touch was recently seen off of a weekly decision-point area at 1.66429-1.65340. For the sellers to continue south, they have to overcome possible buying opposition around the 1.62591 level, once, or indeed if this level sees a break, then this would likely encourage further selling down to around a clear weekly demand area seen at 1.58533-1.60157.

Daily Timeframe: The daily timeframe shows price is currently trading in between a daily resistance flip level at 1.62503 (essentially the same as the weekly level just mentioned above [1.62591]), and a daily supply area seen at 1.66429-1.66057, which is located deep within the aforementioned weekly decision-point area.

4hr Timeframe: Overall, the pound still remains confined between the two psychological numbers: 1.63/1.64. That being said though, two fakeouts were recently seen below the 1.63 level into 4hr demand at 1.62453-1.62776, which clearly triggered buy orders around this area. At the time of writing, price is now trading back into the temporary range. If follow-through buying is seen, we could very likely be seeing a touch of the 1.64 sometime soon, where there are very likely active sell orders waiting.

GBPUSD 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: The EUR/GBP, at the time of writing is trading relatively deep within weekly demand seen at 0.76931-0.78623. Overall, our bias for this pair remains long, with the expectation that the buyers will rally prices higher up to at least the weekly supply area at 0.81571-0.80635.

Daily Timeframe: The daily timeframe shows very little buying interest is being seen within the daily demand area at 0.77894-0.78271. A break below here would likely attract further selling down to a daily demand area seen at 0.77507-0.77772, upon which, we’ll be watching for any bullish price action that may form.

4hr Timeframe: Current trading action shows that the 0.78 level has recently been tested (spiked). A close below here would likely force price to challenge a fresh (untouched) 4hr demand area at 0.77675-0.77831, which in our opinion is the last valid area (within higher-timeframe demand) that could suppress the current selling onslaught seen on this pair. We feel that this area is good enough for a touch trade (a pending buy order has been set just above at 0.77855), since it not only sits just within daily demand (0.77507-0.77772), but also very deep within weekly demand (0.76931-0.78623 as well.

EURGBP 4HR

Pending orders/Price action confirmation levels:

  • Areas to watch for buy orders: Pending orders: 0.77855 (Stop loss: 0.77640 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.

 

USD/CAD:

Weekly Timeframe: At the time of writing, buyers and sellers are seen trading between a weekly decision-point support level at 1.08774, and a weekly Quasimodo resistance level at 1.12231. A break above here could potentially see prices trading up to at least the weekly supply area seen at 1.17225-1.15417; conversely, a break below the weekly decision-point support level could encourage follow-through selling down to around a very obvious weekly demand area seen at 1.05715-1.07008.

Daily Timeframe: A nice-looking break above daily supply (1.10980-1.10344) was recently seen. This break indicates that the path may very well be clear up to at least the 1.11910 level (Quasimodo resistance), which is only 32 pips or so below the weekly Quasimodo resistance level (1.12231).

4hr Timeframe: There has been some very interesting developments on the 4hr timeframe. The combined 4hr supply/round number area at 1.10872-1.11033/1.11 has been well and truly consumed.

This move likely indicates that the path north is clear up to at least the 4hr (fresh) supply area seen at 1.11681-1.11392. With that being said, before this area is hit, we should be prepared for a correction to be seen down towards a nice-looking 4hr demand area at 1.10521-1.10677, which is where we’ll be looking to enter long around the 1.10697 level. The reasons for which are as follows:

  1. This 4hr demand area is fresh (untouched), which likely indicates there may be unfilled buy orders still be lurking there.
  2. This 4hr demand area seems to also be a fakeout of the minor lows to the left (1.10627/1.10632); again indicating unfilled buy orders may still be lurking there.
  3. The daily timeframe shows that most of the sellers are likely consumed around the daily supply area at 1.10980-1.10344, implying there is room for price to move north at least up to the daily Quasimodo resistance level seen at 1.11910.

USDCAD 4HR

Pending orders/Price action confirmation levels:

  • Areas to watch for buy orders: Pending orders: 1.10697 (Stop loss: 1.10484 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.

 

USD/CHF:

Weekly Timeframe: At the time of writing, the weekly timeframe shows price has broken above the weekly supply area seen at 0.94546-0.93081. If price continues to advance like it has been, it is very likely the weekly supply area above at 0.97505-0.96494 will be hit sometime soon.

Daily Timeframe: The recent push seen above the weekly supply area (see above) has obviously consumed the daily supply area as well at 0.94546-0.93702, and, like the weekly timeframe analysis, if this buying onslaught continues; it is very likely the daily supply area above at 0.97505-0.96339 will be hit sometime soon. The only difference with the daily timeframe analysis is that we can see if price wishes to retrace, it will likely do so down towards a daily decision-point area seen at 0.93522-0.93970.

4hr Timeframe: Selling interest is beginning to come into the market around the 0.95 level, with that being said, the weak test currently being seen could encourage follow-through buying. A break above, and retest of this level would be a fantastic sign for the bulls (upon a break, we intend to try and get long on the retest), since the path north is very likely clear (consumption wicks seen just above, to the left of current price [0.94770/0.95336]) up to at least the 4hr demand flip level at 0.95452-0.95836. With all of the above taken into consideration, our bias remains very much long on this pair.

USDCHF 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.