EUR/USD:

Weekly Timeframe: This week has been primarily bullish so far on the Euro; however we are currently seeing active sellers come into the market around the 1.27541 level at the moment. This is not surprising really considering this is a prominent ignored weekly support level.

Daily Timeframe: The selling seen on the weekly timeframe has brought price down to a daily resistance swap level at 1.26837. If price successfully retests this level as support, this would likely encourage further buying up to a daily supply area coming in at 1.29001-1.28453 (located just within a weekly decision-point supply area at 1.29941-1.28583), and by the same token, this could indicate weakness from the weekly support flip level mentioned above at 1.27541.

4hr Timeframe: Price action played out just as expected on the 4hr timeframe. A fakeout above a 4hr supply area (1.27636-1.27268) into a small 4hr decision-point supply area at 1.27894-1.27731 was indeed seen. From there, we saw price smash through the 1.27 level, likely stopping out the majority of traders attempting to buy here in the process. It was only once price reached the 4hr decision point demand area at 1.26509-1.26766, we could see genuine interest being shown by the bulls. For any traders who bought just above here may be in a little trouble at the moment, since the 1.27 level seems to be providing temporary resistance to the market for the time being. This is to be expected, as there were very likely some unfilled sell orders left over from the break south seen a little while ago.

On the other hand, assuming a close above the 1.27 level is seen, and price successfully retests this level as support, we could see a rally today, up until at least the small 4hr decision-point supply area mentioned above. The reason for needing to see a close above this level is simply because the active sellers need to be consumed here in order for prices to move higher. However, always keep in mind that price is currently trading around an ignored weekly support level at 1.27541, so strong selling in our opinion could come into the market at any time, unless of course we get a bullish close above the daily resistance swap level at 1.26837.

EURUSD 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).

 

GBP/USD: 

Weekly Timeframe: Like the EUR/USD, the GBP/USD has been primarily bullish so far with price seen trading out of a weekly demand area coming in at 1.58533-1.60157. However, selling interest has recently come into the market around the 1.62234 level, which in our opinion was to be expected since there is very likely a fresh decision-point supply area here somewhere on the lower timeframes, let’s take a look.

Daily Timeframe: A decision-point supply area is not very clear on the daily timeframe. That being said though, this selling activity occurred just below a major daily support flip level coming in at 1.62503. Let’s see what the 4hr timeframe has to say!

4hr Timeframe: The 4hr timeframe shows an ugly area of 4hr supply at 1.62509-1.61605, where a decision was likely made to push prices down into the weekly demand area mentioned above at 1.58533-1.60157.

With this being said, we still feel long-term buying is to be expected for the obvious reason that price is trading out of weekly demand area at the moment (levels above).  However, before higher prices are seen, we should be prepared for a decline in value, since for price to move north, the big guys will likely need to accumulate liquidity in the form of sell orders to buy into. We see that price is currently reacting bullishly off of the 1.61 level, but for the time being is showing little conviction. A close below here would likely attract further selling down to the 1.6 level, where a reaction is to be expected. Nonetheless, there is a good chance price will fake below this level into a mouth-watering 4hr fakeout demand area coming in at 1.59506-1.59770 (active buy orders seen just above at 1.59824), and this is where we believe the real uptrend will begin.

GBPUSD 4HR

Buy/sell levels:

  • Buy orders: 1.59824 (Predicative stop-loss orders seen at: 1.61605).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

 

AUD/USD:

Weekly Timeframe: Active selling has been seen coming into the market on the weekly timeframe, which could mean the spike seen below the weekly demand area at 0.86591-0.88247 seen last week may well have been a continuation move, rather than a fakeout for higher prices. Let’s see what the lower timeframes have to say.

Daily Timeframe: The daily timeframe shows exactly why a sell off is being seen, and it comes in the form of a daily decision-point supply area coming in at 0.88961-0.88302. A deep test of this area has forced the buyers to take a back seat on this one, as the path south seems relatively clear for further selling to be seen down to at least the major daily demand area at 0.86183-0.87183. Will this be enough to stop price from trading higher? Only time will tell!

4hr Timeframe: Price is trading very close to a 4hr demand area seen at 0.87251-0.87506. We feel a reaction will be seen here, however not an exciting one, and certainly not one that we shall be buying.

The daily timeframe is showing room for prices to move lower, and as such, there is a good chance that a break below this 4hr demand area will be seen. As a consequence this would likely encourage further selling down to at least the 0.87 level, where we agree a reaction could be seen. Be that as it may, we currently have our eye on a 4hr Quasimodo support level just below at 0.86629 (active buy orders likely set just above at 0.86692). The reasons for this are as follows: firstly, well-funded traders like to get the best prices in each zone, and this usually is the deepest part of an area, and secondly, see that tail/spike at 0.86414? This was where price pushed below the weekly demand area mentioned above at 0.86591-0.88247, which in turn likely means there are a lot of unfilled buy orders around this area, since it takes serious money to break below major areas such as these.

Nonetheless, even though we are expecting a reaction to be seen around the 0.86692 level, we are also aware this could only be for a bounce, and that price could indeed continue south, so aggressive trade management will be required.

AUDUSD 4HR

Buy/sell levels:

  • Buy orders: 0.86692 (Predicative stop-loss orders seen at: 0.86346).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

 

USD/JPY:

Weekly Timeframe: The weekly timeframe shows that selling interest is beginning to come into the market within a weekly supply area seen at 110.652-108.123. Assuming further selling is seen, we can likely expect prices to trade down to at least the weekly resistance flip level coming in at 105.432.

Daily Timeframe: A significant close below the 108.575 level was seen earlier this week on the daily timeframe, and with that in mind this likely confirms selling strength from the weekly supply area mentioned above at 110.652-108.123.  Overall, we are expecting to see lower prices sometime today down to at least the daily decision-point area coming in at 106.799-107.383, as in our view price has already successfully retested the 108.575 level as resistance .

4hr Timeframe: A strong break below the 108 level has been seen on the 4hr timeframe, with price successfully retesting it as resistance shortly after. The path south seems to be relatively clear now down to a combined 4hr demand/round-number area at 106.799-107.048/107. It would be here that we would expect active buyers to come into the market around the 107.126 level, since this area sits deep within the daily decision-point area mentioned above at 106.799-107.383. However, even though we are expecting a reaction to be seen at the 107.126 level, we are still prepared for price to continue south as we mustn’t forget that price is currently trading out of a major weekly supply area mentioned above at 110.652-108.123.

With the above taken into consideration, there still could be a good chance to get in short if price retests the 108 level again. However, in our opinion it would be best to watch the lower timeframes and look for a confirmation signal to get you the best entry for a potential good risk to reward trade.

USDJPY 4HR

Buy/sell levels:

  • Buy orders: 107.126 (Predicative stop-loss orders seen at: 106.737).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

 

EUR/GBP:

Weekly Timeframe: The weekly timeframe is currently showing bullish interest within a monster weekly demand area coming in at 0.76931-0.78623. In the event further buying is seen, we could very likely see prices trade all the way back up to a weekly supply area at 0.81571-0.80635.

Daily Timeframe: The trading action currently being seen on the daily timeframe shows that the buyers have now well and truly broke above the 0.78729 level. That being said though, for us to be convinced that the sellers are consumed here, and  that the path north is likely clear up until at least the daily supply area at 0.80084-0.79702, we would like to see a bullish close above this level, along with a successful retest.

4hr Timeframe: The 4hr timeframe clearly shows that a strong-looking combined 4hr supply/round number area at 0.79133-0.78886/0.79 is currently stopping prices from closing above the 0.78729 level seen on the daily timeframe.  Be that as it may, we mustn’t forget that price is currently trading around a very strong weekly demand area seen at 0.76931-0.78623, and as such, we feel prices will eventually push above the aforementioned combined 4hr supply/ round number area very soon. This will in turn likely produce a daily close above the aforementioned daily level, and possibly confirm higher prices.

Given the points made above, we still need to be prepared for a short-term sell off to be seen. Assuming price closes close below the 0.78654 level marked in pink, this will likely attract further selling back down towards the 4hr demand area at 0.78271-0.78399 (active buyers likely waiting around the 0.78421 area). However, in our opinion, a move such as this will only be seen if the big guys have not accumulated enough liquidity (sell orders for their buys) to push prices higher.

EURGBP 4HR

Buy/sell levels:

  • Buy orders: 0.78421 (Predicative stop-loss orders seen at: 0.78249).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

 

USD/CAD:

Weekly Timeframe: It seems for the time being active selling has come into the market around a major weekly high seen at 1.12775, and as such a double-top formation may be forming in the process. Assuming further selling is seen from here, the sellers could very well bring prices down to a weekly support flip level at 1.09645, where active buyers are likely waiting.

Daily Timeframe: The daily timeframe shows that price is currently reacting off of a daily decision-point area coming in at 1.10521-1.10826. However, we feel there is a good chance that this buying interest will not last for very long, since there is a strong block of supply looming just above around the 1.11309 area. A close below this daily decision-point area will likely encourage follow-through selling down towards a daily demand area seen at 1.08858-1.09326 (located 30 or so pips below the weekly support flip level mentioned above at 1.09645).

4hr Timeframe:  Some nice price action has recently been seen on the 4hr timeframe. Price reacted beautifully to the 1.12 level filling sell orders around the 1.11957 area in the process. An aggressive sell off shortly followed, faking out past the 1.11 level, which in turn just missed filling potential buy orders, located above the 4hr demand area (1.10521-1.10758) at 1.10794. With that being said, the current buying interest being seen at the moment does not appear to be strong enough to overcome the selling pressure around the 1.11104 level marked in pink. Could this selling pressure be enough to push price deeper into the aforementioned 4hr demand area? If so, we could expect a bounce north at the very least from around the 1.10794 level, since we mustn’t forget that this area is located deep within a daily decision-point area seen at 1.10521-1.10826. However any long trades taken here must be done so with caution, since further selling still may be seen off of the weekly highs mentioned above at 1.12775.

USDCAD 4HR

Buy/sell levels:

  • Buy orders: 1.10794 (Predicative stop-loss orders seen at: 1.10476).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

 

USD/CHF:

Weekly Timeframe: The weekly timeframe shows that the current selling seen out of the weekly supply area at 0.98378-0.95895 has nearly hit the weekly resistance flip level at 0.94546. A close below this level would likely indicate selling strength from the aforementioned weekly supply area, and also likely attract further selling down to another weekly resistance flip level coming in at 0.92497.

Daily Timeframe: Price has successfully broken below a daily decision-point demand area seen at 0.95163-0.95581, which likely indicates that the path south is clear down to at least the daily decision-point demand area at 0.93522-0.93970. Be that as it may, this does not mean we are recommending hitting the sell button just yet! What it does mean however, is we should be patient, as this break below the 0.95163-0.95581 area could very well just be a fakeout into the weekly resistance flip level mentioned above at 0.94546.

4hr Timeframe: The 4hr timeframe shows exactly why we should be patient. At the time of writing, buying interest has been seen out of a 4hr demand area at 0.94587-0.94785, which is an important area in our opinion.

The reason for its importance is simply because a close below this level would likely indicate that the weekly resistance flip level seen at 0.94546 is weakening, and that the break below the daily decision-point area at 0.95163-0.95581 would likely be a continuation move rather than a fakeout.

On the other hand, assuming further buying interest is seen here, and price closes above the 0.95315 level, this would likely imply that the aforementioned weekly resistance flip level is showing strength, and also that the aforementioned daily decision-point area has likely seen a fakeout below.

Therefore, we have decided to sit on our hands regarding this pair and see how price action unfolds for the time being.

USDCHF 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).

 

XAU/USD (GOLD):

Weekly Timeframe: The weekly timeframe shows active buying interest is currently being seen out of a weekly demand area at 1156.70-1194.45. Assuming further buying is seen here, we can likely expect price to test the weekly support flip level coming in at 1244.08.

Daily Timeframe: Price did indeed continue north as reported may happen in the previous analysis. However, we were expecting price to hit the daily supply area seen at 1241.95-1235.34 before active sellers came into the market.

4hr Timeframe: The 4hr timeframe shows that price came so very close to hitting the 4hr supply area seen at 1239.37-1233.79 before a sell off was seen (located just within the daily supply area mentioned above at 1241.95-1235.34). This has brought price down to a 4hr resistance flip level at 1222.41, where a reaction north is possible. That being said though, a close below here is more probable in our opinion, and as such, this would likely attract further selling down to a 4hr Quasimodo support area seen at 1204.42-1206.24 (active buy orders seen just above at 1207.01). This is where we feel serious buying will be seen, for the simple reason that price is currently trading out of a weekly demand area (1156.70-1194.45) at the moment, and as most already know, the higher timeframes usually take precedence over the lower.

GOLD 4HR

Buy/sell levels:

  • Buy orders: 1207.01 (Predicative stop-loss orders seen at: 1202.18).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).