The higher-timeframe picture resembles the following:
• Weekly timeframe: A reaction has been seen as price hit weekly supply at 0.80328-0.79780, this could very likely mean we may be heading down to true weekly demand at 0.79631-0.78623, only time will tell though!
• Daily timeframe: Active sellers were certainly lurking around the daily S/R flip level at 0.79751 as price dropped hard and is currently seen trading around daily demand (which should be consumed of demand/buyers now- take a look at the wick below it) at 0.78862-0.79206. If this is indeed true, we could very likely see a push down to the daily demand area below at 0.78117-0.78533 sometime soon which will effectively bring us into heavy weekly demand at 0.76931-0.78623.
The sellers have now fully consumed the 4hr demand area at 0.79240-0.79408 which has potentially cleared the path south to a weak-looking 4hr demand area below at 0.78862-0.79048, which in our opinion is also cleared of demand as well!
Higher timeframes are certainly indicating shorts for the time being (see above), but before pro money can bring prices south, they will no doubt have to attain the required amount of liquidity beforehand. Although price is currently trading south at the moment, it is doubtful, in our opinion that pro money have the liquidity (sells for their buys) they need to push down past the weak-looking 4hr demand area at 0.78862-0.79048. We believe a push north may well be seen, possibly up to around the 4hr S/R flip level at 0.79679, and 4hr supply area just above at 0.79837-0.79713, since this will very likely give pro money sellers the fuel they need to push prices south past the weak looking 4hr demand area into a fresh 4hr demand area at 0.78602-0.78320, and looking at its current location on the higher timeframes (just above daily demand at 0.78117-0.78533 and also just within the upper area of weekly demand at 0.76931-0.78623), it makes this 4hr area of demand all the more juicy!.
Pending/P.A confirmation orders:
• Pending buy orders (Green line) are seen just above demand (0.78602-0.78320) at 0.78641. The reasoning behind setting a pending buy order here is due to its current location on the higher timeframes. This 4hr demand area is just above daily demand at 0.78117-0.78533 and also just within the upper area of weekly demand at 0.76931-0.78623.
• The pending buy order (Green line) set just above a decision-point area (0.79240-0.79408) at 0.79427 has been stopped out.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• Pending sell orders (Green line) are seen just below a supply area (0.80264-0.80133) at 0.80110 as this area is beautifully located within daily supply at 0.80328-0.80024, and not to mention the round number 0.8 is begging to be faked up into the aforementioned 4hr supply area, think of all that liquidity for pro money!!
• New pending sell orders (Green line) are seen just below a 4hr S/R flip level, and a 4hr supply area (0.79679/0.79837-0.79713) at 0.79657. The reason for setting a pending sell order here is simply because this is the most likely place pro money will retrace price to before a sell off is seen, and this is not even considering how great this 4hr supply area looks with a solid base, and great momentum south from it!
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 0.78641 (SL: 0.78288 TP: Dependent on price approach. P.A.C: No P.A confirmation buy orders are seen in the current market environment.
• Areas to watch for sell orders: P.O: 0.80110 (SL: 0.80295 TP: Dependent on price approach) 0.79657 (SL: 0.79850 TP: Dependent on price approach) P.A.C: No P.A confirmation sell orders are seen in the current market environment.