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: An indecision candle formed on the daily timeframe yesterday just beneath the 1.26545 level. It will be very interesting to see how price action unfolds today. Assuming further selling is seen, price will very likely hit the daily demand area coming in at 1.24642-1.25616. Let’s take a look on the 4hr timeframe to see what we can find.

4hr Timeframe: The 4hr timeframe shows that the 4hr demand area at 1.26236-1.26469 has likely been consumed (blue arrow – 1.26125).  Below this area – other than the 1.26 level, most of the demand to the left has already likely been consumed (check out the demand consumption tails around the green trend line). So, assuming that further selling is indeed seen,  we feel there is a good chance that a sell off could ensue down to around a 4hr Quasimodo support level seen at 1.25699 (active buy orders are seen just above at 1.25744). What also makes this level more appealing is the fact that it’s sitting just above the daily demand area mentioned above at 1.24642-1.25616.

However, before a down move is seen, we have to be prepared for the possibility that prices may rally up to around the 1.27 level, but in our opinion, this will only be seen if the big boys do not have the required liquidity to sell into the market.

4hr

Buy/sell levels:

  • Buy orders: 1.25744 (Predicative stop-loss orders seen at: 1.25593).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

 

GBP/USD:

Weekly Timeframe: The weekly timeframe shows that the sellers have brought price back down to a weekly demand area seen at 1.58533-1.60157. At the time of writing, things do not seem to be looking too good for the buyers at the moment.

Daily Timeframe: The daily supply area at 1.61255-1.60498 has been well and truly consumed, which has likely cleared the path north up to a daily decision-point supply area seen at 1.62860-1.62109.  It was reported in the previous analysis that we should be prepared for price to retrace back down towards a daily demand area coming in at 1.58533-1.59914 (located deep within the aforementioned weekly demand area), and as we can all see, price did just that. If there is favorable price action on the 4hr timeframe, this would be a fantastic area to buy off of targeting the aforementioned daily decision-point supply area.

4hr Timeframe: As expected, the 4hr timeframe shows that price reacted beautifully around the 1.6 level. However, risk/reward considerations argue against entering long here with prices trading so close to a minor 4hr supply area seen at 1.60590-1.60387. In the event that price breaks above this area, and does not hit the 1.61 level, then we would definitely consider entering long around 1.6, with our first take-profit target set just below 1.61.

With the all of the above taken into consideration, assume for a moment that price is unable to break above the minor 4hr supply area, and pushes further south below the 1.6 level. Where would price likely trade to next? Well, we believe there could be a nice retest opportunity to sell just below 1.6, where one could target the 4hr demand area seen below at 1.58533-1.58915 (located deep within both the weekly and daily demand areas [1.58533-1.60157/1.58533-1.59914]). The reason we believe prices could drop this far is simply due to the demand consumption tail seen marked with a blue arrow at 1.59398.

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).

 

AUD/USD:

Weekly Timeframe: Once again, buying weakness is being shown within the weakly demand area coming in at 0.86591-0.88247. As per this timeframe, it really does not look good for anyone that is buying 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 past week has seen the AUS/USD stagnate, and looks a right messy pair to trade at the moment. Price remains consolidating between a 4hr supply area seen at 0.88591-0.88275 (tentative sell orders are seen just below at 0.88250), 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 only do so with corresponding lower-timeframe confirmation. Most of our regular readers would already know that we would prefer to trade once price breaks out of this consolidation, as trading within a range can be very tricky at times!

4hr

Buy/sell levels:

  • Buy orders: 0.87297 – Tentative (Predicative stop-loss orders seen at: 0.86483).
  • Sell orders: 0.88250 – Tentative (Predicative stop-loss orders seen at: 0.88657).

 

USD/JPY:

Weekly Timeframe: The rebound seen off of a weekly resistance flip level at 105.432 has extended higher recently, which has pushed price back up to a major weekly supply area coming in at 110.652-108.123.

Daily Timeframe: The daily timeframe shows that price has broken above a daily decision-point supply area at 107.486-106.661, which consequently forced prices to test the 108.241 fakeout level (located just within the aforementioned weekly supply area). It will be very interesting to see what the 4hr timeframe has to say about this.

4hr Timeframe: Buyers do indeed appear to have taken control for the time being, as they’ve broke above both the 4hr supply area seen at 107.486-107.035, and also the round-number level coming in at 108. Price has already attempted to retest the 108 level, but unfortunately missed it by three pips or so. Assuming that price can hold out above here, we will then likely see a small rally up to a 4hr Quasimodo resistance level at 108.524 (active sell orders are seen just below at 108.478). It would be at this point where we would expect active selling to come into the market, as we mustn’t forget that price is once again trading around a major weekly supply area, and also a beautiful-looking fakeout level seen on the daily timeframe (levels above).

4hr

Buy/sell levels:

  • Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
  • Sell orders: 108.478 (Predicative stop-loss orders seen at: 108.787).

 

EUR/GBP:

Weekly Timeframe: Price is once again seen trading around a huge weekly demand area coming in at 0.76931-0.78623. We have to be honest here, considering only the weekly timeframe for a minute; we would be very worried if we were buyers, as this demand area is not exactly showing any bullish strength at the moment.

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 here, the path south would likely be clear for the sellers to test a daily demand area seen at 0.77507-0.77772, which is conveniently located very deep within the weekly demand area mentioned above at 0.76931-0.78623.

4hr Timeframe: Something beautiful may be forming on the 4hr timeframe. There is a fantastic-looking 4hr demand area at 0.78468-0.78595 (active buy orders are seen just above at 0.78616), which remains untouched for the time being. However, the beautiful thing about this chart is how price is moving towards this demand area.  Check out how each time price makes a lower low, we then see a return to collect any unfilled sell orders that may have been left behind (marked with blue arrows). This does two things, it allows pro money to keep pushing price south using the unfilled sell orders, but at the same time it also clears the path north for future buying, which in our opinion is a perfect approach to a fresh 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.

4hr Timeframe: Technically, not much has changed on this pair, as price is still currently seen consolidating  between a combined 4hr demand/round number area at 1.11837-1.12186/1.12 (located just within the daily decision-point demand area mentioned above at 1.10807-1.11719), and a small 4hr supply area coming in at 1.12953-1.12813. Ideally, what we would like to see here is a push above both the small 4hr supply area, and the 1.13 level. This would in our opinion clear the path north up to around the 1.14 level, and at the same time likely imply buying strength from the aforementioned daily decision-point demand area. Why we have not included the 4hr supply area at 1.13842-1.13352, is simply because this area has already likely been weakened by the touch seen on the 16/10/14 at 1.13601.

Assuming the above takes place, where could one buy into this action? If the 1.13 level sees a positive close above, you could attempt to trade the retest with a small stop targeting the 1.14 level. However, as price action develops there will likely fresh demand areas forming where one could also potentially trade off of.

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/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, which could very well push prices back up to the aforementioned weekly supply area.

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: Unfortunately, there has not been much movement seen onthe 4hr timeframe, as price still remains trading within a 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). Assuming active sellers come into the market here, this could force price down to test the 0.95 level, or even the 4hr demand area just below it at 0.94713-0.94955.

On the other hand, a break above the 4hr supply area could be disastrous for anyone selling this market, since other than the 0.96 level, all visible supply to the left has already likely been consumed (take note of the supply consumption wicks seen at 0.95613/0.95917/0.95996/0.96236). With that being said, if price does break above this 4hr supply area without hitting the 0.96 level, and assuming price retraced back to the aforementioned 4hr demand area, a potential medium-term buying opportunity would likely present itself around the 0.94995 level. The risk to reward on that trade would be fantastic even only with targeting only the 0.96 level! However, anyone considering taking this buy trade would do well to remember that price is trading near to a weekly supply area at the moment (levels above), meaning that serious selling interest could come into the market at any time,  so constant attention would be required.

4hr

Buy/sell levels:

  • Buy orders: 0.94995 (Predicative stop-loss orders seen at: 0.94690).
  • Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

 

XAU/USD (GOLD):

Weekly Timeframe: Gold is currently seeing selling interest around a weekly support flip level coming in at 1244.08. Assuming further selling is seen, there is a possibility that price could trade back down towards a weekly demand area at 1156.70-1195.45.

Daily Timeframe: The daily timeframe shows that price has broken below a small daily resistance flip level seen at 1235.54. This move has potentially cleared the path south down towards the 1206.49 level. Let’s see what the 4hr-timeframe picture looks like.

4hr Timeframe: The 4hr timeframe shows that the 4hr fresh demand area coming in at 1234.50-1237.93 has been well and truly consumed. This move attracted further selling down towards another fresh 4hr demand area seen at 1221.78-1227.37, where a bullish reaction is currently being seen. However, entering long here would not be a good idea in our opinion, since price seems to have hit selling opposition around a minor 4hr supply area seen at 1235.99-1232.15.

We would however consider entering long around the 4hr demand area just mentioned at 1221.78-1227.37, if price were to consume that minor 4hr supply area looming above (1235.99-1232.15), and NOT hit the next 4hr supply area seen at 1244.52-1240.15, as this would make a nice first take-profit area. Taking a long trade here would likely work out, but this trade would need constant attention, since we mustn’t forget that price is currently trading around a weekly support flip level (1244.08) at the moment.

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).