\n\t<\/font>Daily view: <\/b><\/font><\/font>A closer look on the daily scale shows that buyers attempted to rally the market higher yesterday from just above a daily swap area seen at 1.1051-1.0918. This rally was relatively short lived as bearish pressure came into the market around the recently broken 4hr support \u2013 turned resistance at 1.1143. <\/font><\/p>\n \n\t<\/font>4hr view: <\/b><\/font><\/font>From this angle, we can see that during yesterday sessions, price retested 1.1100 as support, and has so far held the market higher. For those who read our previous report, you may recall us mentioning that if price could convincingly retest this number as support, we would begin watching for lower timeframe buying confirmation. From the 15 minute scale, price has, in our opinion, shown a potential buy area in the form of a 15 minute Quasimodo support level at the 1.1086 zone. If price does indeed visit this 15-minute area of support today, and depending on the approach\/ time of day, we may consider taking a long position from here. Should all go to plan, we\u2019d first look towards 1.1150 as our first potential trouble area (positioned only 7 pips above the aforementioned daily support \u2013 turned resistance level) which if hit, will be where we move our stop-loss order to breakeven. Ultimately though, we have our eye on 1.1200 to take full profits.<\/font><\/p>\n \n\t \n\t<\/font>Levels to watch\/live orders:<\/u><\/font><\/p>\n \n\t <\/p>\n \n\t\t\t<\/font>Buys:<\/b><\/font><\/font> 1.1086 area [dependent on how price approaches this number] (Predicative stop-loss orders seen at: 1.1073). <\/font><\/p>\n<\/li>\n \n\t\t\t<\/font>Sells: <\/b><\/font><\/font>Flat (Predicative stop-loss orders seen at: N\/A).<\/font><\/p>\n<\/li>\n<\/ul>\n \n\t <\/p>\n \n\t<\/font>Weekly view:<\/b><\/font><\/font> The reaction from the weekly supply area at 1.5824-1.5634 has not really produced much so far. Weekly demand seen just below it in the form of a weekly swap area at 1.5551-1.5391 made sure of that! <\/font><\/p>\n \n\t<\/font>Daily view: <\/b><\/font><\/font>The rebound from the ignored daily Quasimodo level at 1.5478 extended higher during yesterday\u2019s session, consequently closing for the day (1.5658) 70 or so pips below a daily resistance barrier coming in at 1.5824-1.5734.<\/font><\/p>\n \n\t<\/font>4hr view:<\/b><\/font><\/font> The London open saw price rocket north, consequently taking out several 4hr technical areas in the process. It is only since price collided with the 1.5700 region, did we see any noteworthy selling interest.<\/font><\/p>\n \n\t<\/font>Price action is tricky on the 4hr timeframe from where we\u2019re sitting. On the one hand, the weekly timeframe shows price trading back into weekly supply from a recent pathetic attempt at lower prices \u2013 the daily timeframe indicates that there is room for prices to continue advancing north (see above), and the 4hr timeframe is saying SHORT! Our idea behind the 4hr timeframe suggesting that the market may decline in value today simply comes from the recent candle action around the 1.5700 number. Check out the three wicks: 1.5698\/1.5691\/1.5684. Each time, the bulls could not form a higher high with the final candle closing near its lows at 1.5658. As such, we believe, that the sellers could be in control, and that an intraday push down to 1.5600 may be in store today. With all of the above taken on board, our team has decided to short at market (1.5658), with1.5600 as our final take-profit target. If our intraday analysis is correct, price should not trade above the high 1.5684\u2026<\/font><\/p>\n \n\t <\/p>\n \n\t \n\t<\/font>Levels to watch\/ live orders:<\/u><\/font><\/p>\n \n\t <\/p>\n \n\t\t\t<\/font>Buys: <\/b><\/font><\/font>Flat (Predicative stop-loss orders seen at: N\/A).<\/font><\/p>\n<\/li>\n \n\t\t\t<\/font>Sells: <\/b><\/font><\/font>1.5658 [LIVE] (Predicative stop-loss orders seen at: 1.5686).<\/font><\/p>\n<\/li>\n<\/ul>\n \n\t <\/p>\n \n\t<\/font>Weekly view: <\/b><\/font><\/font>The recent selling on this timeframe has placed the market within touching distance of a weekly swap level at 0.7845. Across the board, the trend on this pair is still firmly pointing south. This will, in our opinion, not likely change until a convincing push above the weekly swap level 0.8064 takes place.<\/i><\/font><\/p>\n \n\t <\/p>\n \n\t<\/font>Daily view: <\/b><\/font><\/font>From this angle, we can see that the recent downward momentum appears to be crumbling a few pips above a daily demand area seen at 0.7785-0.7850 (surrounds the weekly swap level mentioned above at 0.7845).<\/font><\/p>\n \n\t <\/p>\n \n\t<\/font>4hr view: <\/b><\/font><\/font>For the time being the AUD\/USD pair seems to be consolidating in between 0.7862 and a 4hr supply area seen at 0.7933-0.7910, which, as you can probably see, converges nicely with a recently broken trendline extended from the low 1.0781.For range traders wishing to take part in between the aforementioned limits, we\u2019d strongly recommend only ris<\/font><\/font>king capital once lower timeframe price action confirmation has been seen.<\/font><\/p>\n \n\t <\/p>\n \n\t<\/font>Given that price is trading so close to support\/demand on the higher timeframes at the moment (see above), price, in our opinion, has a higher probability of breaking above the small 4hr consolidation. However, our team believes in being prepared for anything that the market can throw at us. So, yes, a break above this consolidation could very well take place today, and if it does, and price retests this area of demand with supporting lower timeframe confirmation, we\u2019d confidently take a long position here, targeting the 0.8000 area. <\/font><\/p>\n \n\t <\/p>\n \n\t<\/font>Nevertheless, In the event that further selling takes place, and 0.7862 is violated, shorting this break could be a risky move. The reason being is by shorting there, we would effectively be trading into higher timeframe areas of demand, and the break below 0.7862 could just simply be a fakeout to trade higher. If, however, price does sell off from a break of 0.7862 and manages to hit the 4hr Quasimodo support level seen in green at 0.7801, we would be very interested in trading this level long for the following reasons:<\/font><\/p>\n \n\t <\/p>\n \n\t\t\t<\/font>Located just below the weekly swap level 0.7845.<\/i><\/font><\/p>\n<\/li>\n \n\t\t\t<\/font>Positioned deep in the heart of a daily demand area seen at 0.7785-0.7850.<\/i><\/font><\/p>\n<\/li>\n \n\t\t\t<\/font>Converging round-number support at 0.7800.<\/i><\/font><\/p>\n<\/li>\n<\/ul>\n \n\t <\/p>\n \n\t<\/font>One could, if they so wished, simply place a pending buy order just above this level at 0.7803, and set a stop just below the DAILY demand zone (0.7785-0.7850) at 0.7770. However, if you\u2019re conservative, like us, you may wish to wait for the lower timeframes to prove buying strength exists here before jumping in.<\/i><\/font><\/p>\n \n\t <\/p>\n \n\t \n\t<\/font>Levels to watch\/ live orders:<\/u><\/font><\/p>\n \n\t <\/p>\n \n\t\t\t<\/font>Buys:<\/b><\/font><\/font> Flat (Predicative stop-loss orders seen at: N\/A). <\/font><\/p>\n<\/li>\n \n\t\t\t<\/font>Sells: <\/b><\/font><\/font>Flat (Predicative stop-loss orders seen at: N\/A).<\/font><\/p>\n<\/li>\n<\/ul>\n \n\t <\/p>\n \n\t<\/font>Weekly view: <\/b><\/font><\/font>The weekly timeframe shows that price is now trading only a stone\u2019s throw away from the weekly Quasimodo resistance level coming in at 121.76.<\/i><\/font><\/p>\n \n\t <\/p>\n \n\t<\/font>Daily view: <\/b><\/font><\/font>From this angle, we can see that the sellers have recently made an appearance around the lower limits of the daily supply area seen at 122.01-121.34, which, if you look back to the weekly timeframe, you\u2019ll notice that this daily zone surrounds the aforementioned weekly Quasimodo resistance level. <\/font><\/p>\n \n\t <\/p>\n \n\t<\/font>4hr view: <\/b><\/font><\/font>Following Wednesday\u2019s clear break above 4hr supply at 121.39-121.28, we can see that price did in fact sell off. This move took out round-number support at 121.00, which in turn saw price hit, and respect a 4hr demand area seen at 120.72-120.89. As you can see, the buyers were relatively strong from here, resulting in price pushing back above 121.00, which is, at the time of writing, being retested as support.<\/font><\/p>\n \n\t <\/p>\n \n\t<\/font>This may sound a little crazy considering higher-timeframe supply is looming just above (see above), but we believe if the 121.00 area holds firm today, we could be in for a further advance. Let us explain our thinking behind this idea\u2026 Buy stops were, as mentioned in the previous analysis, likely triggered in the push above the aforementioned 4hr supply zone, potentially clearing the path north up to extreme 4hr resistance level seen at 121.83 \u2013 <\/font><\/font>very close to the weekly Quasimodo resistance level mentioned above, and located extremely deep within the aforementioned daily supply area<\/b><\/font><\/font>. <\/font><\/font>The reason we believe the path north to be clear up to 4hr resistance level simply comes from looking to the left. We invite you to scroll back to mid-March \u2013 just above the current 4hr supply area you can see what we like to call \u2018supply consumption wicks\u2019 at 121.50\/121.55\/121.66. These wicks indicate supply\/sell orders have likely already been consumed as price continued to trade south, thus once\/if price action came close to this zone again, it\u2019s likely to be a relatively weak area of resistance.<\/i><\/font><\/font> <\/font><\/p>\n \n\t <\/p>\n![\"EURO\"](\"http:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2015\/05\/EURO5.png\")
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