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 the combined weekly demand/Quasimodo support area at 1.22403-1.24420/1.22866?

Daily Timeframe: The daily timeframe shows two ‘buying tails’ have formed just above the 1.25618 level. However, at this point in time, it’s very difficult to know whether this buying is legit, since it could just be traders liquidating some of their short positions from the recent downmove. The only way to know for sure would be a follow-through to the upside, preferably closing above the 1.26837 level.

4hr Timeframe: For the time being, price action on the 4hr timeframe seems to be trading within a small range (1.25947/1.26273).

The EUR/USD is an interesting at the moment. The weekly timeframe is currently showing that the downtrend may continue (break below the 1.26591-1.28010 area), but on the flip side, the daily timeframe is showing potential bullish activity just above a daily decision-point level at 1.25618.

With the above in mind, we are still expecting the downtrend to continue, since in our opinion the signal from the weekly timeframe holds more weight than that of the daily timeframe.  However, for this downtrend to continue, sell orders will likely be required.  For this to be accomplished, a break above the 4hr range (levels above) would likely need to be seen in our opinion. 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: Two weeks ago, a to-the-pip reaction was seen off of a weekly decision-point (supply) area at 1.66429-1.65340. Assuming further selling is seen, it is very likely price could hit the weekly demand area at 1.58533-1.60157 sometime soon.

Daily Timeframe: Price action on the daily timeframe appears to be trading between a daily support flip level at 1.61617, and a daily resistance flip level coming in at 1.62503. A break below is ideally what we’re expecting to see. This break would likely attract further selling down towards a daily demand area at 1.60507-1.61044, and with that, price will then be trading just above the weekly demand area at 1.58533-1.60157.

4hr Timeframe: The 4hr timeframe shows that the buyers and sellers are still seen trading within the combined 4hr demand/round number area at 1.61609/1.62057/1.62. With that being said, the buyers did in fact attempt to breakout north, but found the1.62505 level to be too strong to overcome.

We feel the buyers are incredibly weak at this point, and a decline in value is imminent. Active sell orders will likely come into the market around the 1.61980 level, just below the round number 1.62. From here we expect further selling 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.

GBPUSD 4HR

Buy/sell levels:

  • Buy orders: 1.61050 (Predicative stop-loss orders seen at: 1.60838).
  • Sell orders: 1.61980 (Predicative stop-loss orders seen at: 1.62218).

 

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 shows that traders are interested in buying the Aussie at the moment; just take a look at those beautiful-looking buying tails seen within the daily demand area (0.86183-0.78183). There is a downside to this though. There’s a relatively strong near-term resistance coming in at the 0.87556 level (ignored Quasimodo support). 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: A strong break below the 0.87 level was recently seen. This selling momentum did not last long though, as the buyers found the 0.86591 level to be supportive enough to turn things around, and push prices back up to around the combined 4hr supply/round number area seen at 0.88122-0.87511/0.88.

This area in our opinion needs to be consumed before any buy orders are initiated, and taking any sell trades when trading within both weekly demand (0.86591-0.88247), and daily demand (0.86183-0.78183) may not be the best idea!

AUDUSD 4HR

Buy/sell levels:

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

 

USD/JPY:

Weekly Timeframe: The weekly timeframe shows selling interest is beginning to come into the market within weekly supply at 110.652-108.123. Assuming follow-through selling is seen, we can likely expect price to test the 105.432 level (Resistance swap level) sometime in the near the future, since the path south appears to be clear of any obstacles (demand) on this timeframe.

Daily Timeframe: The daily timeframe shows yesterday was a clear ‘selling day’, with little buying interest being seen. If price continues south down towards the 108.421 level, things will get very interesting indeed! A break below this level would 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. On the other hand, it would be a nightmare if prices held above the 108.421 level for traders who have sold at the weekly supply area, as this likely suggests buying strength within higher-timeframe supply – not a great combination!

4hr Timeframe: The 110 level has been proved worthy; there was clearly some serious interest from the big boys around this area, which possibly indicates unfilled sell orders still remain.

A shorting opportunity may be occurring on the 4hr timeframe. The recent sell off saw numerous decision-points consumed. This suggests to us further selling may well be seen. Assuming price rallies back up to the 4hr supply area coming in at 110.081-109.712, this could be a good time to get in short just below around the 109.695 level.

We agree this trade would be going against the trend, but when price is located in a monster weekly supply area such as the one mentioned above, these types of trades in our opinion are high probability.

USDJPY 4HR

Buy/sell levels:

  • Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
  • Sell orders: 109.695 (Predicative stop-loss orders seen at: 110.157).

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 around 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.

4hr Timeframe: Technically, not much movement has been seen on this pair, and as such, most of the previous analysis still remains valid:

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 not to forget that price is currently trading within higher-timeframe demand areas (weekly: 0.76931-0.78623, daily: 0.77507-0.77772), and because of this, there is a high probability the spike below 4hr demand could be a fakeout. However, 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 current trading action shows price is reacting off of a weekly Quasimodo resistance level at 1.12231. Will follow-through selling be seen from here, or will the buyers push prices higher? Only time will tell!

Daily Timeframe: The bearish reaction currently being seen at the weekly Quasimodo resistance level (level above) is not exactly what we’d call convincing!  Ideally, what we want to see is a daily close below the daily Quasimodo resistance level coming in at 1.11910 (this level is literally just below the aforementioned weekly Quasimodo level). This would then prove to us that the majority of sellers have already been consumed, and as a result follow-through selling will possibly continue down to at least a daily decision-point area seen at 1.10521-1.10826.

4hr Timeframe: The 4hr timeframe shows price just missed hitting a very important 4hr supply area seen at 1.12454-1.12253. The reason for its importance is because this rally base drop supply area sits just above the weekly Quasimodo resistance level at 1.12231.

With this in mind, price is currently seen retesting the 1.12 level as support, and from here we’re expecting a small rally north into the aforementioned 4hr supply area (active sell orders expected around the 1.12234 level). Be that as it may, with this level seen beautifully located just above the aforementioned weekly Quasimodo resistance level, it is very likely well-funded traders are watching this 4hr supply area too, so be on your guard for a possible fakeout above!

USDCAD 4HR

Buy/sell levels:

  • Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
  • Sell orders: 1.12234 (Predicative stop-loss orders seen at: 1.12504).

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, since there is very little selling opposition seen until price reaches daily supply at 0.97505-0.96339, and as a consequence, this will see prices trading deeper into the weekly supply area just mentioned above at 0.98378-0.95895.

4hr Timeframe: As per the previous analysis, we feel the sellers are weak around the 4hr demand flip area seen at 0.95452-0.95836, and as a result price will likely trade up to the 0.96 level (active sell orders seen just below at 0.95970). If price closes above, and successfully retests this level, a push higher up to an area of stacked 4hr supply ((0.97505-0.97153/0.97152-0.96744) may very well be seen. 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.

However, if selling interest comes into the market around the 0.96 level, we have to be prepared for a move  towards a fresh 4hr decision-point (demand) area seen at 0.94983-0.95157, where we anticipate active buy orders to be set around the 0.95187 level.

USDCHF 4HR

Buy/sell levels:

  • Buy orders: 0.95187 (Predicative stop-loss orders seen at: 0.94847).
  • Sell orders: 0.95970 (Predicative stop-loss orders seen at: 0.96100).

 

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.

Daily Timeframe:  The daily timeframe resembles ‘choppy’ price action in our opinion ever since price reacted off of a small daily supply area at 1241.95-1235.34. With that being said, price is currently seen trading around a minor daily support flip level at 1241.80, will this level be enough to attract further selling down towards the 1186.83 level (Quasimodo support)? Let’s see what the 4hr timeframe has to say.

4hr Timeframe: The 4hr supply flip area seen at 1208.18-1204.31 is clearly an area the market likes, as it has survived three hits. However, the third touch was deep, and very likely consumed the majority of buyers trading around this area. If the buyers close price above the high seen marked with a blue arrow at 1219.96, this will very likely encourage further buying up to at least the 1228.46 level (active sell orders seen just below at 1227.59), since there is very little fresh 4hr supply remaining to the left.

On the other hand, assuming sellers come into the market here, there is a good chance we could see the aforementioned 4hr supply flip area consumed, which in turn would likely see further selling down towards a minor 4hr Quasimodo support level at 1194.38 (active buy orders seen just above at 1195.31).

GOLD 4HR

Buy/sell levels:

  • Buy orders: 1195.31 (Predicative stop-loss orders seen at: 1191.77).
  • Sell orders: 1227.59 (Predicative stop-loss orders seen at: 1232.37).