The higher-timeframe picture resembles the following:
• Weekly TF: Price still remains relatively deep within weekly demand at 1.32940-1.34847, and at the time of writing there appears to be little interest seen from the buyers. A break below this area could force prices to test the weekly demand area at 1.31037-1.32262.
• Daily TF: Buyers and sellers remain trapped for the time being between a daily level of interest below at 1.33559, and a daily decision-point area above at 1.34433-1.34202. If we see a break above here. This will likely indicate healthy buying pressure from the aforementioned weekly demand area.
The sellers have been in overall control since the market opened at 1.34066 pushing price below the round number 1.34. However, temporary market support is currently being seen at 1.33794, a break south of here would likely see a test of the 4hr demand area at 1.33360-1.33619.
As already mentioned above, price is currently trading within a weekly demand area (levels above), so higher prices are naturally expected. For buying strength to be proved, we need to see a break above the 4hr decision-point area at 1.34433-1.34305, as this will also mean the aforementioned daily-decision-point area has been consumed also, so we can then expect higher prices up to the next fresh supply areas (Daily: 1.34760-1.35265, 4hr: 1.34760-1.34943).
Pending/P.A confirmation orders:
• Pending buy orders (Green line) are seen within 4hr demand (1.33360-1.33619) at 1.33526. We have placed a pending buy order here because this area of 4hr demand remains fresh, and as we are currently trading within weekly demand (1.32940-1.34847) at the moment, this area should see some sort of reaction on its first time back.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• Pending sell orders (Green line) are seen just below the 4hr D/S flip area (1.34760-1.34943) at 1.34753.The reasoning behind setting a pending sell order here was because this is the area we believe on this timeframe pro money sellers made the decision to push prices south into (what was at the time) 4hr demand at 1.33984-1.34404, with the possibility of unfilled sell orders still waiting there.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 1.33526 (SL: 1.33280 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: 1.34753 (SL: 1.35031 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.