Weekly TF.
The buyers put in an appearance last week after the last week’s selling onslaught, nonetheless it was nothing to get excited about. As a reminder from last week’s weekly analysis, the green arc to the left resembles likely pro money activity in that when price rallied, a spike lower was made to consume the buyers thus clearing the path for sellers possibly down into weekly demand at 0.76931-0.78623. However on the lower timeframes there are likely areas of demand we cannot see on this timeframe, so let’s take a closer look.
Daily TF.
Two daily demand areas were found within the weekly green arc. The higher daily demand area of the two at 0.78862-0.79206 saw a reaction on Monday last week, which consequently rallied price up to the daily minor S/R flip level at 0.79581 where the sellers were seen to be active.
A break above this daily S/R flip level will likely see price testing oncoming daily supply at 0.80328-0.80024, conversely a break below this daily S/R flip level will likely push price down into the daily demand area at 0.78117-0.78533.
4hr TF.
A reaction was indeed seen at the 4hr minor demand area (circled) as reported may happen in the last analysis, but was nothing to get excited about! A break below was seen late Friday meaning price could very well drop straight to the low 0.79139. The reason price could drop that far is because of the tail marked with an arrow, this tail was likely used to collect orders for the original advance, but in the meantime, it consumed buyers, thus clearing the path for sellers.
Now do bear in mind this low 0.79139 could well see a fakeout below into true 4hr demand at 0.78862-0.79048, but it is doubtful that this will be seen just yet.
Pending/P.A confirmation orders:
• Pending buy orders (Green line) are seen just above demand (0.78862-0.79048) at 0.79076. A pending buy order is placed here due to the aforementioned 4hr demand area’s location in the higher timeframes (Within the compressed green arc from weekly demand: 0.76931-0.78623… Seen on Monday 7th July analysis), and daily demand at 0.78862-0.79206.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• The pending sell order (Green line) set just below the S/R flip level (0.79679) at 0.79641 is now active. Our first target has been hit at 0.79388, so do keep an eye on our second target below at 0.79139.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 0.79076 (SL: 0.78846 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: 0.79641 (Active – 1ST target hit) (SL: 0.79747 TP: 0.79388 0.79139). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
The buyers put in an appearance last week after the last week’s selling onslaught, nonetheless it was nothing to get excited about. As a reminder from last week’s weekly analysis, the green arc to the left resembles likely pro money activity in that when price rallied, a spike lower was made to consume the buyers thus clearing the path for sellers possibly down into weekly demand at 0.76931-0.78623. However on the lower timeframes there are likely areas of demand we cannot see on this timeframe, so let’s take a closer look.
Daily TF.
Two daily demand areas were found within the weekly green arc. The higher daily demand area of the two at 0.78862-0.79206 saw a reaction on Monday last week, which consequently rallied price up to the daily minor S/R flip level at 0.79581 where the sellers were seen to be active.
A break above this daily S/R flip level will likely see price testing oncoming daily supply at 0.80328-0.80024, conversely a break below this daily S/R flip level will likely push price down into the daily demand area at 0.78117-0.78533.
4hr TF.
A reaction was indeed seen at the 4hr minor demand area (circled) as reported may happen in the last analysis, but was nothing to get excited about! A break below was seen late Friday meaning price could very well drop straight to the low 0.79139. The reason price could drop that far is because of the tail marked with an arrow, this tail was likely used to collect orders for the original advance, but in the meantime, it consumed buyers, thus clearing the path for sellers.
Now do bear in mind this low 0.79139 could well see a fakeout below into true 4hr demand at 0.78862-0.79048, but it is doubtful that this will be seen just yet.
Pending/P.A confirmation orders:
• Pending buy orders (Green line) are seen just above demand (0.78862-0.79048) at 0.79076. A pending buy order is placed here due to the aforementioned 4hr demand area’s location in the higher timeframes (Within the compressed green arc from weekly demand: 0.76931-0.78623… Seen on Monday 7th July analysis), and daily demand at 0.78862-0.79206.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• The pending sell order (Green line) set just below the S/R flip level (0.79679) at 0.79641 is now active. Our first target has been hit at 0.79388, so do keep an eye on our second target below at 0.79139.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 0.79076 (SL: 0.78846 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: 0.79641 (Active – 1ST target hit) (SL: 0.79747 TP: 0.79388 0.79139). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
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