Daily Timeframe: From the , we can see that price has rebounded from a daily demand area coming in at 17686-17836. Provided that the buyers can continue with this tempo, we feel there’s a good chance that price will hit a small daily supply area at 18160-18080 sometime soon.
4hr Timeframe: The 4hr timeframe shows that ever since the market opened at 17887, buying pressure has been seen from the 4hr demand at 17806-17862, which, if you look back to the , you’ll see that this area is located just above the aforementioned daily demand area. The recent buying has also likely engulfed any selling opposition around the 4hr swap level at 17952, and, as a result, has potentially cleared the path north up to the 18064 barrier.
To take advantage of this potential move, we see two possible options:
1. Watch for price to retest 17952 as support, and buy with corresponding lower timeframe confirmation, targeting 18064 for full profits.
2. In the event that 17952 gives way, price will likely drop down to the aforementioned 4hr demand area, where at which point, our team will begin watching for lower timeframe buying confirmation around the 17868 mark, targeting both 17952, and 18064.
The reason we recommend 18064 as a place to close the full position at is simply because this level is located right below a daily supply area mentioned above at 18160-18080.
Current buy/sell orders:
• Buy orders: 17952 (Predicative stop-loss orders seen at: dependent on where one confirms this level) 17868 (Predicative stop-loss orders seen at: 17797).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).