Weekly Timeframe: At the time of writing, price is once again seen trading around a key weekly support flip level coming in at 1.27541. The selling opposition around this level seems to be too strong for the buyers to overcome at the moment. Assuming further selling is seen, price may then be forced to test the combined weekly demand/Quasimodo support area at 1.22403-1.24420/1.22866.
Daily Timeframe: The daily timeframe shows price is currently trapped trading between a daily demand area at 1.24642-1.25616 and a small daily supply area at 1.29001-1.28453. That being said though, with the current selling pressure being seen on the weekly timeframe at the moment, it is more likely we will see a break of the daily demand area, before we do the daily supply area.
4hr Timeframe: Isn’t it amazing how beautiful price action is on this timeframe! The small 4hr decision-point area seen at 1.27894-1.27731 was where the ‘decision’ was likely made to break below the weekly support flip level mentioned above at 1.27541 – just look how it has held price down so far!
Considering that the weekly timeframe is currently showing that price could drop as far as the weekly demand/Quasimodo support area at 1.22403-1.24420/1.22866, we have to prepare ourselves for more selling to be seen. Tentative sell orders are seen below the 1.27 level at 1.26954, as traders may attempt to play the retest of this level before further selling enters the market. However, we will be watching price action closely around the 4hr Quasimodo support level at 1.25699 (tentative buy orders seen just above at 1.25722), since this level sits just above the daily demand area mentioned above at 1.24642-1.25616, which means we could see a nice bounce here at the very least.
- Buy orders: 1.25722 (Predicative stop-loss orders seen at: 1.25586).
- Sell orders: 1.26954 (Predicative stop-loss orders seen at: 1.27339).
Weekly Timeframe: The weekly timeframe shows that serious selling interest has come into the market, as prices are being driven deeper into the weekly demand area seen at 1.58533-1.60157. Is this all the weekly demand area has to offer?
Daily Timeframe: At the time of writing, price is trading very deep within a notable daily demand area seen at 1.58533-1.59914 (located deep within the weekly demand area mentioned above at 1.58533-1.60157). Price is currently reacting to a daily Quasimodo support level at 1.58934 deep within this demand area, but will this be supportive enough for buyers to come into the market?
4hr Timeframe: The 4hr demand area at 1.59506-1.59770 gave way without a fight, the next fresh 4hr demand area is seen at 1.58533-1.58915 (active buy orders likely set just above at 1.58936). We are expecting to see a nice bounce here at the very least, since this 4hr demand area sits within not only a weekly demand area, but also deep within a daily demand area (1.58533-1.60157/1.58533-1.59914) as well, and also not forgetting the daily Quasimodo support level seen just above the 4hr aforementioned demand area at 1.58934.
Assuming a reaction is seen here, we see very little selling opposition until price reaches the 4hr demand swap area coming in at 1.59506-1.59770 (tentative sell orders likely set just below at 1.59476).
- Buy orders: 1.58936 (Predicative stop-loss orders seen at: 1.58484).
- Sell orders: 1.59476 (Predicative stop-loss orders seen at: 1.59820).
Weekly Timeframe: The buying interest seen around the weekly demand area at 0.86591-0.88247 is very frustrating to say the least. It seems that every time buyers come into the market and attempt to push price higher, the sellers slam price back down into the weekly demand area. A break below here would likely attract further selling down towards a humongous weekly demand area coming in at 0.80646-0.84601.
Daily Timeframe: Price is currently seen trading between a daily demand area at 0.86183-0.87183, and a daily decision-point supply area coming in at 0.88961-0.88302. Until either one of these areas break, there is no clear direction in our opinion on this timeframe.
4hr Timeframe: As reported in the previous analysis, a reaction of some sort was expected to be seen at the 0.88 level, which did happen, and consequently forced price down to the 0.87 level, where current trading action is taking place at the moment.
With the clear weakness currently being shown within the weekly demand area mentioned above at 0.86591-0.88247, it is only natural we are expecting more of a decline to be seen. However, before we see a break of the 0.87 level, a small rally up to the 0.87468 level (tentative sell orders seen just below at 0.87420) may be seen, or even back up to the 0.88 level (tentative sell orders seen just below at 0.87963). However, this will only happen (in our opinion) if the big guys need more liquidity to sell prices lower.
- Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
- Sell orders: 0.87420 (Predicative stop-loss orders seen at: 0.87581) 0.87963 (Predicative stop-loss orders seen at: 0.88246).
Weekly Timeframe: The weekly timeframe shows that further selling is currently being seen out of a major weekly supply area at 110.652-108.123. Assuming this selling activity continues, we can likely expect prices to trade down to at least the weekly resistance flip level coming in at 105.432.
Daily Timeframe: It appears that with the recent selling being seen on the weekly timeframe; the daily decision-point demand area at 106.799-107.383 has been consumed. With this in mind, there will likely be a rally in price seen, since a lot of buyers have potentially been stopped out, and once stopped, their orders become sells – perfect for well-funded traders to buy into (liquidity offering).
4hr Timeframe: In the overall scheme of things, not much has changed since the last analysis, that being said though, a reminder will not hurt:
As we can all see, the combined 4hr demand/round-number area at 106.799-107.048/107 has obviously been consumed, since this level sat deep within the daily decision-point demand area mentioned above at 106.799-107.383.
As already mentioned on the daily timeframe, we are expecting price to rally. However, with price aggressively seen trading out of a weekly supply area at the moment (110.652-108.123), we feel it is unlikely price will be able to break above the sturdy-looking 4hr supply area coming in at 107.563-107.273, which could effectively make this a nice area to sell at around the 107.224 level.
However, in the event price does break above this 4hr supply area, it is unlikely price will trade much higher since there is a minor 4hr support flip level (green) seen just above at 107.613. So, if anyone is considering shorting here, it may be an idea to take this level into consideration for stop-loss order purposes.
- Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
- Sell orders: 107.224 (Predicative stop-loss orders seen at: 107.708).
Weekly Timeframe: The weekly timeframe shows that further buying is currently being seen out of a weekly demand area at 1156.70-1194.45. Assuming this buying activity continues, we can likely expect prices to trade up to at least the weekly support flip level coming in at 1244.08.
Daily Timeframe: The daily timeframe on the other hand shows that price is currently trading relatively deep within a daily supply area seen at 1241.95-1231.52. The only way price can hit the weekly support flip level mentioned above at 1244.08 is if all the selling opposition is consumed here.
4hr Timeframe: The 4hr timeframe shows that price is currently trading within a rather weak-looking 4hr supply area at 1239.37-1233.79.The reason why we think this area is weak is simply because of the amount of times it has been hit (marked with blue arrows), as each time this area sees some action, a new batch of sell orders are consumed, and thus the area weakens upon each visit.
With that being said, some minor selling interest is currently being seen out of this 4hr supply area, could this just be the last remaining sell orders? The only way to know for sure is if a close below the small 4hr decision-point level marked in green at 1228.23 is seen, as this will likely force price to drop and test the 4hr demand area coming in at 1217.25-1221.95 (tentative buy orders seen just above at 1222.92).
We are still favoring higher prices for the time being, since we mustn’t forget that price is currently trading out of a weekly demand area (1156.70-1194.45) at the moment, but the market may have found some temporary resistance within the daily supply area mentioned above at 1241.95-1231.52, so it will be interesting to see how price action unfolds today.
- Buy orders: 1222.92 (Predicative stop-loss orders seen at: 1216.61).
- Sell orders: N/A (Predicative stop-loss orders seen at: N/A).