EUR/USD:

Weekly Timeframe: A break below a major weekly (demand) ‘buy zone’ area at 1.26591-1.28010 has recently been seen. Will this encourage further selling down towards a combined weekly demand/Quasimodo support area at 1.22403-1.24420/1.22866?

Daily Timeframe: The daily timeframe shows that the demand swap zone coming in at 1.26229-1.26742 has been consumed, and as a result, price pushed south towards a notable daily decision-point level (1.25618), where at the time of writing, a bullish reaction Is being seen.

4hr Timeframe: The 1.25760 level seen on the 4hr timeframe has so far been supportive enough to allow buyers to come into the market. However, at this point with the current downtrend in play on this pair (see the weekly chart, it looks as though the Euro has just fallen off of a cliff), it is very likely any bounce from this area will potentially be a selling opportunity.

Active near-term sell orders are currently being seen at 1.26499 (just below a small 4hr decision-point level [1.26576]), and around the 1.26780 level (just below a fresh 4hr supply area [1.26976-1.26806]).

EURUSD 4HR

Buy/sell levels:

  • Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
  • Sell orders: 1.26449 (Predicative stop-loss orders seen at: 1.26666) 1.26780 (Predicative stop-loss orders seen at: 1.27061).

 

GBP/USD:

Weekly Timeframe: A to-the-pip reaction was seen off of a weekly decision-point (supply) area at 1.66429-1.65340 two weeks ago. Assuming further selling is visible, it is very likely price could hit the weekly demand area at 1.58533-1.60157 sometime soon.

Daily Timeframe: It was reported in the previous analysis that price would likely trade to around the 1.61617 level, and as we can all see, this did happen.  However, assuming price breaks below this level, we can very likely expect the daily demand area coming in at 1.60507-1.61044 to be tested, and with that, price will then be trading just above the weekly demand area at 1.58533-1.60157.

4hr Timeframe: The 4hr timeframe is currently showing some interesting price action. A deep spike/test has been seen trading into the combined 4hr demand/round number area at 1.61609/1.62057/1.62. This move has quite possibly consumed a ton of buyers, and let’s be honest here; the follow-through buying seen at the moment is not exactly convincing is it?

So, with that in mind, we are expecting further selling to be seen on the pound either today or tomorrow down towards the 1.61 level (active buy orders seen just above at 1.61050), which coincidentally lines up beautifully with the daily demand area mentioned above at 1.60507-1.61044.

Be that as it may, before lower prices are to be seen, a rally higher to collect unfilled sell orders may well be in order. If so, we see fresh sell orders set just below both the minor 4hr support flip level (1.62760) at 1.62718, and also just below a 4hr supply area (1.63405-1.63021) at 1.62931.

GBPUSD 4HR

Buy/sell levels:

  • Buy orders: 1.61050 (Predicative stop-loss orders seen at: 1.60838).
  • Sell orders: 1.62931 (Predicative stop-loss orders seen at: 1.63489) 1.62718 (Predicative stop-loss orders seen at: 1.62900).

 

AUD/USD:

Weekly Timeframe: Things may be looking up for the buyers on this pair! A nice-looking buying tail is currently forming within weekly demand at 0.86591-0.88247. It will be interesting to see what the lower timeframes have to say about this.

Daily Timeframe: The daily timeframe however is not so positive. The present buying seen on the weekly timeframe has pushed price up to around the 0.87556 level (Quasimodo resistance), which is likely to repel the market. A close above this level on the other hand is a different matter, as this will potentially confirm price is heading up to at least the 0.88874 level (daily resistance), and at the same time give some credibility to the buying tail seen within the aforementioned weekly demand area.

4hr Timeframe: The 4hr timeframe currently shows price action is confined between the 0.87 level (support) and a combined 4hr supply/round number area seen at 0.88122-0.87511/0.88. For higher prices to be seen, sell orders will need to be consumed around this supply area, upon which we expect a rally up to at least the 0.89 level.

Range traders may wish to trade this temporary 4hr consolidation, but it may be best to wait for some price action confirmation signal before pulling the trigger, since this level could break at any time. Buy orders are likely set around the 0.87060 level, and likewise sell orders are possibly set either around the 0.87610 level, or deeper within 4hr supply (levels above), just below the round number 0.88 at 0.87927.

AUDUSD 4HR

Buy/sell levels:

  • Buy orders: 0.87060 (Predicative stop-loss orders seen at: Dependent on which price action confirmation signal one uses).
  • Sell orders: 0.87610 (Predicative stop-loss orders seen at: Dependent on which price action confirmation signal one uses) 0.87927 (Predicative stop-loss orders seen at: Dependent on which price action confirmation signal one uses).

 

USD/JPY:

Weekly Timeframe: The weekly timeframe shows price is currently pushing deeper into the weekly supply area seen at 110.652-108.123. Assuming selling interest comes into the market here, we can likely expect price to test the 105.432 area (Resistance swap level) sometime in the near the future, since the path south appears to be clear of any obstacles (demand) on this timeframe. Nevertheless, at the same time, we have to be prepared for price to break above this weekly supply area, which as a consequence will likely attract further buying up to the next weekly supply area coming in at 114.650-112.620.

Daily Timeframe: Further buying is clearly evident on the daily timeframe, as price appears to be edging closer  towards the 110.390 level (Quasimodo resistance), which if hit, would consequently see price trading very deep within the weekly supply area at 110.652-108.123. On the other hand, if we see a daily close below the 108.421 level, this will likely attract further selling down to a daily decision-point area at 106.799-107.108, and ultimately confirm selling strength from the current aforementioned weekly supply area.

4hr Timeframe: The 4hr timeframe shows that price continues to make higher highs and higher lows within the weekly supply area mentioned above – not a great sign for anyone who has sold at this area!

It is very likely to 110 level will see some action very soon, which if you remember is only 39 pips away from the daily Quasimodo resistance level (110.390) mentioned above. However, before higher prices are seen, traders would do well to prepare for a potential retracement (to collect buy orders) down to either the 4hr decision-point level at 109.300 (active buy orders likely set just above at 109.363), or failing that , a push down to the 109 level (active buy orders likely set just above at 109.056).

USDJPY 4HR

Buy/sell levels:

  • Buy orders: 109.056 (Predicative stop-loss orders seen at: 108.799) 109.363 (Predicative stop-loss orders seen at: 109.069).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

 

EUR/GBP:

Weekly Timeframe: At the time of writing, price is trading relatively deep within a weekly demand area coming in at 0.76931-0.78623. Could we see buying interest come into the market here, or is this demand area doomed to receive even more punishment?

Daily Timeframe: The daily timeframe shows price is currently trading just within an ‘extreme’ area of daily demand at 0.77507-0.77772. This area is extreme in our opinion, because it remains to be the overall origin of a humongous rally that begun on the 23/07/12, making it an area well-funded traders are very likely paying attention to. This area, coupled with the fact price is also trading deep within a weekly demand area (0.76931-0.78623) as well, ultimately suggests to us that a bullish reaction will be seen here sometime soon.

4hr Timeframe: Current trading action shows price has spiked (0.77653) below a major 4hr demand area at 0.77675-0.77831.  Is this spike a fakeout to accumulate liquidity with the intentions to push higher, or is it merely a move to take out as many buyers as possible in order to hit the major low below at 0.77507?

With the above in mind, it’s important to realize that price is for the time being trading within higher-timeframe demand areas (weekly: 0.76931-0.78623, daily: 0.77507-0.77772), and as such, there is a high probability this move could be a fakeout, but the only way to find out for sure would be to see a close above both the 0.78 level (active sell orders seen just below at 0.77980), and the 4hr supply area seen at 0.78290-0.78181 (active sell orders seen just below at 0.78158).

EURGBP 4HR

Buy/sell levels:

  • Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
  • Sell orders: 0.78158 (Predicative stop-loss orders seen at: 0.78318) 0.77980 (Predicative stop-loss orders seen at: 0.78094).

 

USD/CAD:

Weekly Timeframe: At the time of writing, the 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 this resistance level could potentially see prices trading up to a weekly supply area seen at 1.17225-1.15417, and conversely, a break below the decision-point support level could encourage further selling down towards a very obvious weekly demand area seen at 1.05715-1.07008.

Daily Timeframe: Current trading action on the daily timeframe is showing price stalling just before the daily Quasimodo resistance level at 1.11910.  We feel price will hit this level very soon. Does this mean we expect a bearish reaction to be seen here? Well, yes and no. The reason being is simply because price COULD ignore this daily level, and push up to the more prominent weekly Quasimodo resistance level seen at 1.12231. Remember the ‘old rule?’ Higher timeframes usually overrule the lower; and in this case, it may very well be true!

4hr Timeframe: A break above a 4hr supply area at 1.11681-1.11392 was recently seen, and as such, the majority of traders who attempted to fade this area have more than likely been stopped out.

From here on, we anticipate further buying will possibly materialize, since the path north appears to be relatively clear up to a combined fresh 4hr supply/round number area at 1.12096-1.11933/1.12 (active sell orders will likely be set just below, around the 1.11892 area), which so happens to line up beautifully with the daily Quasimodo resistance level seen at 1.11910 mentioned above.

On the other hand, before higher prices are seen, a correction may be seen down towards the 1.11 level, at which point we fully expect active buy orders to come into the market around the 1.11107 area.

USDCAD 4HR

Buy/sell levels:

  • Buy orders: 1.11107 (Predicative stop-loss orders seen at: 1.10869).
  • Sell orders: 1.11892 (Predicative stop-loss orders seen at: 1.12122).

 

USD/CHF:

Weekly Timeframe: The weekly timeframe shows that price is currently trading around a weekly supply area seen at 0.98378-0.95895. Could this area be enough to break down the current buying onslaught that has been seen over the past several weeks?

Daily Timeframe: The buyer’s energy is clearly shown on the daily timeframe, and for the time being they’re certainly not taking any prisoners! With that in mind, we believe this buying could indeed continue up to at least the daily supply area seen at 0.97505-0.96339, and as a consequence, this will bring prices deeper into the weekly supply area just mentioned above at 0.98378-0.95895.

4hr Timeframe: At the present time, the 4hr timeframe shows the 4hr demand flip area seen at 0.95452-0.95836 has been well and truly consumed. Assuming the majority of sellers were also taken out in the process, we can likely assume the path north is clear up to an area of stacked 4hr supply (0.97505-0.97153/0.97152-0.96744). We feel these areas will likely act as magnets to price, since both are sitting beautifully within not only weekly supply (0.98378-0.95895), but also very deep within daily supply (0.97505-0.96339) as well.

With all things considered, we have to be prepared for a reversal of some kind before the aforementioned 4hr stacked supply areas are (likely) hit. The area that sticks out to us as being obvious, and logical, is the 4hr decision-point zone sitting right on top of the 0.95 level seen at 0.94983-0.95157, where we anticipate active buy orders to be set around the 0.95187 area.

On a side note, if anyone got in at the 0.95028 level, well done, price has really moved in our favor!

USDCHF 4HR

Buy/sell levels:

  • Buy orders: 0.95187 (Predicative stop-loss orders seen at: 0.94847).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

 

XAU/USD (GOLD)

Weekly Timeframe: The weekly timeframe shows price is currently trading between a weekly support flip level at 1244.08, and a weekly demand area seen below at 1156.70-1194.45, with no attempt to break out seen just yet.

Daily Timeframe:  The daily timeframe shows some development has finally been seen on Gold! A positive daily close below the 1211.67 level has been seen. This could potentially entice further selling down towards the 1186.83 level (Quasimodo support). Be that as it may, before a move south like this is seen, sell orders will very likely need to be accumulated, and as a result, a retest of the 1211.67 (as resistance) may very well be seen soon.

4hr Timeframe: The 4hr timeframe shows price has broken below 4hr support at 1211.12 and for the time being appears to have successfully retested the level as resistance. It is very likely continuation selling will be seen on Gold down to around a minor 4hr Quasimodo support level coming in at 1194.38 sometime soon, since most of the sell orders were already likely consumed by that monster wick/spike seen marked with a blue arrow at 1219.96.

With the above taken into to consideration, we still believe there may be a chance to get in on the potential move south, as price may very well retest the 1211.12 once more, only a little deeper this time around the 1213.07 level, with stops placed just above the 1219.96 level at 1220.73.

GOLD 4HR

Buy/sell levels:

  • Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
  • Sell orders: 1213.07 (Predicative stop-loss orders seen at: 1220.73).