The higher-timeframe picture resembles the following:
• Weekly TF: Current trading action is taking place around a weekly decision-point supply area at 0.80328-0.79780; a break above here could very well indicate buying strength from around the weekly demand area below at 0.79631-0.78623.
• Daily TF: A break below the daily S/R flip level at 0.79751 has been seen, and there is very little we see on this timeframe we see stopping price from dropping down to daily demand at 0.78862-0.79206.
Selling is currently being seen within 4hr demand at 0.79615-0.79704 with buyers showing very little interest! A break below the aforementioned 4hr demand area should come as no surprise to anyone (hence the need for a confirmation order here), since we are firmly trading around a weekly decision-point supply area at the moment (levels above).
Upon a positive close below, price will very likely hit at least the 4hr R/S flip area at 0.79491, and with some selling effort, the 4hr demand area at 0.79232-0.79361. This 4hr demand area is very interesting, since this is in our opinion the overall origin of the rally up to around the round number 0.8 likely indicating there’s some unfilled buy orders still sitting there.
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.
• Pending buy orders (Green line) are seen just above 4hr demand (0.79232-0.79361) at 0.79378. A pending buy order was set here since this area is fresh, and could at the very least see a bounce when, or indeed if price returns here.
• The P.A confirmation buy order (Red line) set just above a 4hr decision-point area (0.79615-0.79704) at 0.79728 is now active. Buyers will have to confirm this area by consuming some or most of the sellers around the round number 0.8 above, without hitting the 4hr supply area above at 0.80264-0.80133, we will then consider setting a pending buy order awaiting a possible return.
• 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 also deep within a weekly decision-point area at 0.80328-0.79780, 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!!
• 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 how price approaches) 0.79378 (SL: 0.79207 TP: Dependent on how price approaches) P.A.C: 0.79278 (Active-awaiting confirmation) (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: P.O: 0.80110 (SL: 0.80295 TP: Dependent on how price approaches).P.A.C: No P.A confirmation sell orders are seen in the current market environment