Weekly TF: Price is still frustratingly trading within a weekly consolidation area with the upper limits seen at 0.94600, and the lower at 0.92046, with no signs of a break happening just yet.
Daily TF: Buyers and sellers are currently trading within a medium-term range (0.92046-0.92354/0.93529). At the time of writing, the buyers are now seen putting pressure on the upper limits of this range, a break above could likely force prices to test the daily supply area at 0.94729-0.94175.
4hr TF: Both 4hr supply areas (0.93509-0.93370/0.93866-0.93728) have in our opinion been consumed, potentially clearing the way up to at least the round number 0.94 (P.A confirmation sell level set just below at 0.93971). With high expected today, we’re looking at either trading the aforementioned round number, or if negative numbers come in, we believe buying pressure will be seen around the 4hr fakeout area at 0.92619-0.92780 (P.A confirmation buy level set just above at 0.92807). The reason we have not set any orders/levels around the round number 0.93 is because price will very likely spike/fake through this level down to the aforementioned 4hr fakeout area, as pro money will likely be looking to collect as much liquidity as they possibly can during highly volatile times such as the NFP.
Pending/P.A confirmation levels:
• No pending buy orders (Green line) are seen in the current market environment.
• New P.A confirmation buy levels (Red line) are seen just above the 4hr fakeout area (0.92619-0.92780) at 0.92807. We prefer to go with confirmation levels during highly volatile times such as the NFP, as good positions can easily be stopped out by a deep spike.
• The pending sell order (Green line) set just below a 4hr supply area (0.93509-0.93370) at 0.93341 has been stopped out
• New P.A confirmation sell levels (Red line) are seen just below the round number 0.94 at 0.93971. Confirmation is required here since there is no logical area for a stop-loss order to be set that is close enough, so as per usual regarding round numbers, confirmation is in order.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: 0.92807 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: No pending sell orders are seen in the current market environment P.A.C: 0.93971 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).