4hr TF.
The higher-timeframe picture resembles the following:
• Weekly timeframe: A push above the monster weekly supply area has been at 1.09592-1.08133, which has now possibly cleared the path up to a nice-looking small weekly supply area at 1.10522-1.09996.
• Daily timeframe: A push above daily supply at 1.09592-1.09156 has been seen, potentially clearing the path up to the next fresh daily supply area at 1.10522-1.10133 (seen just inside the weekly supply area mentioned above).
Once price had consumed some, or in this case, all the sellers around the 4hr decision-point area at 1.09470-1.09354, the path north was free up to a 4hr decision-point level at 1.09865, which as we can all see is exactly where price is trading right now.
We are very wary of the aforementioned 4hr decision-point level, as price still has room above to move (see above regarding the higher-timeframe analysis), so we will be watching price action very carefully here, as a push up to a very attractive 4hr supply area at 1.10388-1.10163 may well be seen, which is conveniently located within both weekly and daily supply areas (1.10522-1.09996…1.10522-1.10133).
Pending/P.A confirmation orders:
• Pending buy orders (Green line) are seen just above 4hr demand (1.09032-1.09104) at 1.09136. The reason a pending buy order has been placed here, is because this 4hr demand area is where pro money likely made the decision to push prices above the 4hr decision-point area at 1.09470-1.09354 making this level very important indeed.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• The pending sell order (Green line) set just below a 4hr decision-point level (1.09865) at 1.09822 is now active, so do keep an eye on our first take-profit level set at 1.09470.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 1.09136 (SL: 1.08951 TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders seen within the current market environment.
• Areas to watch for sell orders: P.O: 1.09822 (SL: 1.10080 TP: 1.09470 1.09136) P.A.C: No P.A confirmation sell orders seen within the current market environment.
The higher-timeframe picture resembles the following:
• Weekly timeframe: A push above the monster weekly supply area has been at 1.09592-1.08133, which has now possibly cleared the path up to a nice-looking small weekly supply area at 1.10522-1.09996.
• Daily timeframe: A push above daily supply at 1.09592-1.09156 has been seen, potentially clearing the path up to the next fresh daily supply area at 1.10522-1.10133 (seen just inside the weekly supply area mentioned above).
Once price had consumed some, or in this case, all the sellers around the 4hr decision-point area at 1.09470-1.09354, the path north was free up to a 4hr decision-point level at 1.09865, which as we can all see is exactly where price is trading right now.
We are very wary of the aforementioned 4hr decision-point level, as price still has room above to move (see above regarding the higher-timeframe analysis), so we will be watching price action very carefully here, as a push up to a very attractive 4hr supply area at 1.10388-1.10163 may well be seen, which is conveniently located within both weekly and daily supply areas (1.10522-1.09996…1.10522-1.10133).
Pending/P.A confirmation orders:
• Pending buy orders (Green line) are seen just above 4hr demand (1.09032-1.09104) at 1.09136. The reason a pending buy order has been placed here, is because this 4hr demand area is where pro money likely made the decision to push prices above the 4hr decision-point area at 1.09470-1.09354 making this level very important indeed.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• The pending sell order (Green line) set just below a 4hr decision-point level (1.09865) at 1.09822 is now active, so do keep an eye on our first take-profit level set at 1.09470.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 1.09136 (SL: 1.08951 TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders seen within the current market environment.
• Areas to watch for sell orders: P.O: 1.09822 (SL: 1.10080 TP: 1.09470 1.09136) P.A.C: No P.A confirmation sell orders seen within the current market environment.
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.