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, or is it merely a fakeout to push higher?

Daily Timeframe: The daily timeframe shows two ‘buying tails’ have formed just above the 1.25618 level, where for the time being, price has traded higher. 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 down move. The only way to know for sure would be to see a close above the 1.26837 level.

4hr Timeframe: The recent price action on the 4hr timeframe shows price broke out above the temporary 4hr range (1.25947/1.26273), and then tested the 1.26576 level, which as we can all see saw a small bearish reaction, but nonetheless failed. Price then continued higher towards a 4hr supply area seen at 1.26976-1.26806, which triggered sell orders that were lurking just below at 1.26780.

In our opinion, a decision needs to be made on this pair. Assuming strong follow-through selling is seen from here, this would likely suggest that the current downtrend is indeed going to continue. However, if price breaks above the aforementioned 4hr supply area, price will very likely test a beautiful-looking 4hr supply coming in at 1.27597-1.27390 (active sell orders are likely set just below at 1.27351). Furthermore, assuming this move plays out, the daily timeframe may also show a positive close above the 1.26837 level, which in that case, could be the start of a rally higher, but as always, expect the unexpected in these markets especially with the mighty NFP due out today!

EURUSD 4HR

Buy/sell levels:

  • Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
  • Sell orders: 1.27351 (Predicative stop-loss orders seen at: 1.27663).

 

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: The daily time frame shows that price has very nearly hit a daily demand area seen at 1.60507-1.61044. A bullish reaction from here could force prices to test the 1.62503 support flip level. With that being said though, a break south could very well be seen today, which will likely attract further selling down to the weekly demand area mentioned above.

4hr Timeframe: A break below the combined 4hr demand/round number area at 1.61609/1.62057/1.62 has indeed been seen, and as such, follow-through selling formed a minor low at 1.61115.

It’s very difficult to judge what may happen today, since the NFP announcement can be wild at times. With that being said though, a level that has really caught our eye comes in at 1.60580, which is a Quasimodo support level (active buy orders likely set just above at 1.60638). This area could see a reaction today, as the big boys may wish to fake below the 1.61 level to collect stops from traders attempting to fade here, which could ultimately bring prices down to the Quasimodo support level. We also mustn’t forget that if we did see this play out, price would be then trading very deep within daily demand at 1.60507-1.61044, which needless to say is a big plus!

GBPUSD 4HR

Buy/sell levels:

  • Buy orders: 1.61050 (Predicative stop-loss orders seen at: 1.60838) 1.60638 (Predicative stop-loss orders seen at: 1.60397).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

 

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: Very beautiful indeed! The daily timeframe shows price has successfully closed above the 0.87556 level, after three buying tails were seen within daily demand at 0.86183-0.87183. For prices to continue higher however, which is very possible since we are also trading within weekly demand (see above) as well, price would need to break above a very obvious daily decision-point (supply) area coming in at 0.88961-0.88302.

4hr Timeframe: The rebound from the 0.86591 support level extended higher recently, and as a consequence saw the combined 4hr supply/round number area seen at 0.88122-0.87511/0.88 consumed (marked with a blue arrow [0.88258]). With the majority of sellers likely stopped out around this area, the path north is possibly clear up to around the 0.88961-0.88629 area (active sell orders likely set below at 0.88574), which sits beautifully inside the daily decision-point area mentioned above at 0.88961-0.88302.

Be that as it may, we ideally want to be long this pair at the moment. We currently have our eye on the Quasimodo support level seen at 0.86826 (active buy orders likely set just above at 0.86890), which is encompassed by the 0.87 level just above, and also 4hr support (0.86591) just below. All in all, a great area to be looking to go long in!

AUD 4HR

Buy/sell levels:

  • Buy orders: 0.86890 (Predicative stop-loss orders seen at: 0.86466).
  • Sell orders: 0.88574 (Predicative stop-loss orders seen at: 0.89055).

 

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 current selling interest being seen out of weekly supply (levels above) at the moment has seen price close below a major support flip level at 108.575 on the daily timeframe. This, in our opinion confirms prices want to trade lower down at least until the daily decision-point area coming in at 106.799-107.108.

4hr Timeframe: The 4hr timeframe shows price has reacted bullishly off of the 108 level. From where we’re sitting, it looks as though the path is clear up until the 4hr supply area coming in at 110.081-109.712.  The small 4hr decision-point area at 109.108-108.857 (marked with a blue arrow) was essentially a decision to break the 109 level, which has in all likelihood already been consumed by the two prominent wicks below (108.945/108.880) that pierced this area relatively deep indicating selling opposition has been at the very least weakened. Above here we see very little supply that would stop prices until we reach the aforementioned 4hr supply area. If price does trade back up to this area, active sellers will likely come into the market around the 109.695 level, since in our opinion most of the present buying opposition has been consumed, which could lead to a massive risk/reward short down to the combined 4hr demand/round number area coming in at 106.799-107.383/107.

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, buying interest is seen coming into the market within a monster weekly demand area at 0.76931-0.78623.

Daily Timeframe: Wow! Would you look at that! Price reacted beautifully off of the daily demand area seen at 0.77507-0.77772. Clearly, this was an area the big guys had their eye on too! We feel price will continue to rally higher until the 0.78729 level (flip support), which is where we expect to see sellers come into the market.

4hr Timeframe: With the higher timeframes showing price can indeed rally higher, we are ideally attempting to buy this pair. We feel there is still room to move higher on the 4hr timeframe up until at least the 0.78777 level (Quasimodo resistance), which lines up perfectly with the daily support flip level at 0.78729. With that being said, a small sell off may be seen now, since traders may begin taking profits from the recent up move. This will likely bring prices down to either the minor 4hr resistance flip level at 0.78195 (active buy orders likely set just above at 0.78221), or a nice-looking 4hr decision-point area at 0.77891-0.77982 (buy orders likely set just above at 0.78026). If any of these buy orders get filled, a likely target would be the 0.78777 level, and as such would provide fantastic risk to reward.

EURGBP 4HR

Buy/sell levels:

  • Buy orders: 0.78026 (Predicative stop-loss orders seen at: 0.77865) 0.78221 (Predicative stop-loss orders seen at: 0.78089).
  • 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.

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: Current price action shows the high seen marked with a blue arrow (1220.00) has recently been broken, indicating the majority of sellers around this area have been likely consumed. From there, price dropped back down to the 4hr supply flip area seen at 1208.18-1204.31, where at which point buying interest came into the market. We believe that the path is very likely clear now up until at least the 1228.46 level (active sell orders likely set just below at 1227.59), unfortunately for us, we see no entry to buy yet!

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).