EUR/USD:

Weekly Timeframe: The weekly timeframe shows that price is currently heading south, as selling interest came into the market around the 1.28393 level, just below a strong-looking weekly supply area seen at 1.29941-1.28583.

Daily Timeframe: In the previous analysis, it was mentioned that price was confined to trading between a small daily resistance flip level seen at 1.27500, and a relatively small daily supply area coming in at 1.29001-1.28453 (located just within the aforementioned weekly supply area). New updates show that price has now closed below the 1.27500 level, and as a result cleared the path south down towards at least a small daily decision-point level seen at 1.26545.

4hr Timeframe: The 4hr timeframe shows that price is currently trading very close to the 1.27 level (tentative buy orders are seen just above at 1.27042). However, considering where price is currently located on the higher-timeframe picture (see above), we would not be comfortable buying here, as risk/reward considerations argue against entering long with prices trading so close to a daily resistance flip level (marked in pink – 1.27500).

With that being said, assuming price reaches the 1.27500 level, we feel there is a good chance that active sellers will come into the market around the 1.27431 level, and potentially consume any traders attempting to fade the 1.27 level. In our opinion, a nice-looking target for this short trade would be the 4hr demand area seen at 1.26236-1.26469, which is located just below a daily decision-point level coming in at 1.26545.

4hr

Buy/sell levels:

  • Buy orders: 1.27042 (Predicative stop-loss orders seen at: 1.26689).
  • Sell orders: 1.27431 (Predicative stop-loss orders seen at: 1.27639).

 

GBP/USD:

Weekly Timeframe: The rebound from the weekly demand area seen at 1.58533-1.60157 recently extended north to a fresh high of 1.61833, where at which point selling interest came into the market. Let’s see what the lower timeframes have to say.

Daily Timeframe: The daily supply area at 1.61255-1.60498 has been well and truly consumed, and as a consequence has cleared the path north up to a daily decision-point supply area seen at 1.62860-1.62109. However, before price hits this area, there is a strong possibility that we could see a retracement back down towards daily demand at 1.58533-1.59914 (located deep within the aforementioned weekly demand area), which is where price just came from.

4hr Timeframe:

The 4hr timeframe shows that price is currently trading around a very important combined 4hr demand/round number area at 1.60789-1.61071/1.61. This level is important for a number of reasons as it is where a decision needs to be made:

  1. If price breaks below here, this would likely clear the path south down to at least the 1.6 level, as demand has already likely been consumed with those two buying tails seen marked with blue arrows at 1.60284/1.60585.
  2. Assuming the above does happen price would then be trading around a daily demand area mentioned above at 1.58533-1.59914, and at the same time potentially indicating buying weakness out of the weekly demand area seen at 1.58533-1.60157.
  3. In the event price holds above the aforementioned combined 4hr demand area, this will likely attract further buying into the market, which as a result may see price challenging a combined 4hr supply/round number area at 1.62255-1.61910/1.62, which conveniently sits just below the aforementioned daily decision-point supply area.

Therefore, with the above taken into consideration, we are going to remain flat on this pair, and let price action unfold.

4jr

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).

 

AUD/USD:

Weekly Timeframe: Once again, buying weakness is being shown within the weakly demand area coming in at 0.86591-0.88247, it really does not look good for the buyers at the moment.

Daily Timeframe: The daily timeframe is currently showing indecision, as price is 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. In our opinion, there is no clear direction on this timeframe until either one of these areas sees a break. Therefore, going long within the aforementioned weekly demand area may not be the best path to take until the daily decision-point supply area mentioned above is consumed.

4hr Timeframe: The AUS/USD pair has been extremely frustrating to trade recently. Price is currently seen ranging between 4hr supply at 0.88975-0.88614 (tentative sell orders are seen just below at 0.88591), and a combined 4hr demand/round number area at 0.86744-0.87235/0.87 (tentative buy orders are seen just above at 0.87297).

There are very likely opportunities to trade the extremes of this range; however, we would do so with caution, and only with corresponding lower-timeframe confirmation.

4hr

Buy/sell levels:

  • Buy orders: 0.87297 (Predicative stop-loss orders seen at: 0.86483).
  • Sell orders: 0.88591 (Predicative stop-loss orders seen at: 0.89048).

 

USD/JPY:

Weekly Timeframe: Last week saw the market react beautifully off of a weekly resistance flip level coming in at 105.432. Is this level really enough to put a halt on the selling that was recently seen out of the weekly supply area above at 110.625-108.123?  Let’s see what the lower timeframes have to say about this.

Daily Timeframe: The daily timeframe shows that price is currently trading within a fresh daily decision-point supply area seen at 107.486-106.661. Assuming further selling comes into the market here, lower prices may be seen down to at least a daily decision-point demand area coming in at 104.674-105.244, where a decision will once again have to be made. However, in the event price breaks above this area, any traders that got short around the aforementioned weekly supply area may want to consider closing some or all of their position, since price could possibly trade right back to your entry level.

4hr Timeframe: The 4hr timeframe now shows price is currently trading between a 4hr supply area seen at 107.486-107.035 (deep within the aforementioned daily decision-point supply area), and a 4hr demand area coming in at 106.125-106.484 (tentative buy orders are seen just above at 106.517).

In the event that price breaks above the aforementioned 4hr supply area, this will likely do two things, one, clear the path north up to around the 108 level, and two, consume the daily decision-point supply area mentioned above at 107.486-106.661. Be that as it may, if price decides to turn south here, and break below the aforementioned 4hr demand area, price would then have to almost immediately contend with near-term support around the 106 level, not a great start for anyone looking to trade the breakout!

There are very likely opportunities to trade between the aforementioned 4hr supply, and 4hr demand area. That being said though, we would only do so with corresponding lower-timeframe confirmation.

4hr

Buy/sell levels:

  • Buy orders: 106.517 (Predicative stop-loss orders seen at: 106.077).
  • Sell orders:  N/A (Predicative stop-loss orders seen at: N/A).

 

EUR/GBP:

Weekly Timeframe: Last week started off looking very positive with serious buying interest being seen out of a weekly demand area at 0.76931-0.78623. However, this was quickly brought to a halt when sellers came into the market around the 0.80328 weekly resistance level. At this point in time, we see very little on the weekly timeframe in terms of future direction, it would be interesting to see what the lower timeframes have to say.

Daily Timeframe: The daily timeframe shows that price is currently trading within a daily decision-point demand area seen at 0.78468-0.78986. This area is very important in our opinion, so much so that if price breaks below this area, the path south is very likely clear for the sellers to test a daily demand area coming in at 0.77507-0.77772, which is conveniently located very deep within the weekly demand area mentioned above at 0.76931-0.78623.

However, assuming that we get favorable price action on the 4hr timeframe, this would be a perfect area to go long from targeting the daily Quasimodo resistance level at 0.80351. Let’s take a look!

4hr Timeframe: The round-number 0.79 level has been broken with a beautiful full-bodied bearish candle. The market is currently seen resting on a 4hr support level at 0.78882 (marked in pink). Risk/reward considerations argue against entering long here with price trading so near to potential resistance at 0.79. For us to be interested in buying this market, a close above the 0.79 level would need to be seen, we would then try to enter on the retest of this level as support, with first targets being set at the 4hr supply area above at 0.79409-0.79204.

In our opinion, a more promising area to buy would be around the 4hr demand area seen below at 0.78468-0.78595 (active buy orders are seen just above at 0.78616), as this area is fresh, and is also located deep within the aforementioned daily decision-point demand area.

4hr

Buy/sell levels:

  • Buy orders: 0.78616 (Predicative stop-loss orders seen at: 0.78444).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

 

USD/CAD:

Weekly Timeframe: Last week shows that the buyers were unable to close above the 1.12775 high. Be that as it may, we still feel that the majority of sellers here were well and truly consumed with that humongous wick coming in at 1.13842, and as a result there is a good chance higher prices could still be seen.

Daily Timeframe: The daily timeframe shows that even though price was unable to close above the 1.12775 high on the weekly timeframe, it certainly did on the daily timeframe, which in our view indicates buying strength. At the time of writing, price is trading around a daily decision-point demand area seen at 1.10807-1.11719. Assuming bullish price action is seen on the 4hr timeframe, this could be a fantastic place to go long. However, in the event that this area is consumed, we can likely assume higher prices will not be seen just yet!

4hr Timeframe: A bullish reaction is currently being seen out of a combined 4hr demand/round number area at 1.11837-1.12186/1.12 (located just within the daily decision-point demand area mentioned at 1.10807-1.11719), and with that, we see no troublesome supply to stop price from rallying up to at least the 4hr minor support flip level coming in at 1.12497 (tentative sell orders seen just below at 1.12467). That being said though, we would not enter long here simply because of the poor risk/reward offerings seen at the moment.  If however, price breaks above the 1.12497 level, and retraces back to the aforementioned combined 4hr demand/round number area, without hitting the 4hr supply area above at 1.12953-1.12813, we would strongly consider entering long, with our first take-profit level set at 1.12773.

4hr

Buy/sell levels:

  • Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
  • Sell orders: 1.12467 [Tentative] (Predicative stop-loss orders seen at: 1.12620).

 

USD/CHF:

Weekly Timeframe: Last week saw selling interest coming into the market around a weekly supply area at 0.98378-0.95895. That being said though, active buying was also seen around the 0.93589 level, which forced price to close above a weekly resistance flip level coming in at 0.94546. This level currently appears to be fuelling further buying at the time of writing; this is certainly not a good sign for any sellers at the moment!

Daily Timeframe: The daily timeframe shows that price action is currently confined to trading between a daily supply area at 0.95613-0.94675, and a daily decision-point demand area seen at 0.93522-0.93970. It is only until one of these areas sees a break, will we then likely have some idea regarding future direction.

4hr Timeframe: For anyone who follows our analysis on a regular basis, you may recall us mentioning  that there was a potential buying opportunity around the 4hr demand area at 0.94048-0.94271, with the first take-profit target set at 0.95, which as we can all see has nearly been hit.

Assuming selling interest comes into the market here around the 0.94971 level, it is very possible in our view that price could drop back down to the aforementioned 4hr demand area. However, in the event price breaks above 0.95, we would then be very interested in taking a short-term buy trade on the retest of this level as support. The first take-profit  target would be set around a beautiful-looking fresh 4hr supply area coming in at 0.95613-0.95298 (located deep within the daily supply area mentioned above at 0.95613-0.94675), where active sellers are likely lurking just below at 0.95270.

4hr

Buy/sell levels:

  • Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
  • Sell orders: 0.94971 (Predicative stop-loss orders seen at: 0.95113) 0.95270 (Predicative stop-loss orders seen at: 0.95649).

 

XAU/USD (GOLD):

Weekly Timeframe: The rebound from the weekly demand area at 1156.70-1194.45 extended higher last week up to a weekly support flip level coming in at 1244.08. At this point in time, there appears to be very little selling interest seen around this level. Does this mean higher prices will follow? Let’s see what we can find on the lower timeframes.

Daily Timeframe: The daily timeframe shows that price appears to be standing strong on a small daily resistance flip level seen at 1235.54, which as a result saw price close above the 1244.08 weekly level. Assuming the buyers can hold out above this weekly level, it is very possible we may see prices rally up to a daily supply area at 1277.11-1260.46.

4hr Timeframe: The 4hr timeframe on the other hand shows that before prices can rally up to the aforementioned daily supply area, a 4hr supply area coming in at 1257.83-1253.54 would need to be taken out first. However, at the time of writing, this area appears to be far from consumed, in fact; only recently active sellers were seen pushing price south around this zone.

The next set of active buy orders are likely located just above a small 4hr demand area (1234.50-1237.93) at 1238.32. If that is the case, then we have to be preparing ourselves for the possibility that further selling may enter the market. What is interesting about this small 4hr demand area, is that it lines up beautifully with a daily resistance flip level mentioned above at 1235.54, giving this area of demand extra weight.

Therefore, with the above taken into consideration, we have very little choice but to sit on our hands for the time being, and let the action unfold. Price will either decline to the 4hr demand area at 1234.50-1237.93, or break above the 4hr supply area seen at 1257.83-1253.54; it’s as simple as that.

4hr

Buy/sell levels:

  • Buy orders: 1238.32 (Predicative stop-loss orders seen at: 1233.81).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).