Last week buyers and sellers were being seen battling it out within the weekly decision-point level at 0.80328-0.79780, however two weeks ago a spike/wick above this area was seen indicating some of the sellers have been consumed and meaning the path north up to the weekly supply area at 0.81397-0.80805 is possibly free.
The battle between the buyers and sellers is seen more clearly on the . In and around daily supply at 0.80328-0.80024 buyers and sellers have been and still are having a mini tug of war between themselves, price is being pushed north, then south, then north…. The same spike/wick seen on the , is exactly the same on this timeframe, meaning the path north is likely clear now up to the daily S/R flip level at 0.80809 (the lower base of the supply area - see above), however before price can be pushed higher, pro money will need sell orders to buy into, and at the moment this does not seem to be the case. A decline in value may well be seen right down to the next fresh daily demand area at 0.78117-0.78533 which is nicely located within the weekly demand area at 0.76931-0.78623.
Let’s recap here a little, both the weekly and daily timeframes have had supply areas breached, indicating price is likely clear to move up to the next areas of interest. However the clearly indicates prices may see a decline down to a fresh daily demand area at 0.78117-0.78533 which is nicely located within the weekly demand area at 0.76931-0.78623.
Now with the above in mind, the 4hr timeframe is telling a slightly different story for the time being. Pro money was last week seen consuming supply pockets (possibly collecting unfilled sell orders) as price was declining, as they were doing this, the path north for any buying was being cleared. The 4hr S/D flip area at 0.79792-0.79663 proved itself to be worthy of consideration last week when buying interest was seen from within. If during the week we see a break above the high marked with an arrow at 0.80151, we are likely going to see price hit the 4hr supply area above at 0.80619-0.80409. However, on some occasions we have seen price consume highs just like this one, and then come back to collect any unfilled buy orders before rallying towards its target which would be the aforementioned 4hr supply area in this case, so we will be looking to trade long around the 4hr S/D flip area if indeed a break above the aforementioned high is seen.
This is not us disagreeing with the higher-timeframe analysis, all this is, is a potential opportunity that may happen before lower prices are eventually be seen.
Pending/P.A confirmation levels:
• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy levels (Red line) are seen just above a 4hr decision-point level (0.79189) at 0.79215. The reason for setting a P.A confirmation buy level, and not a pending buy order is simply because this level has seen a touch already indicating some of the buyers may have been consumed, thus weakening this area, hence the need for confirmation on this one.
• No Pending sell orders (Green line) are seen are seen in the current market environment.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: 0.79215 (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: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.