Weekly Timeframe: For the past three weeks now, price has been stalling around a weekly supply area coming in at 0.98378-0.96993. In the event that active sellers enter the market here, we see very little stopping prices from declining down to at least 0.94546, a weekly resistance flip level.
Daily Timeframe: The current situation on the daily timeframe shows that price is ranging between a major daily supply area at 0.97505-0.96339 (located within the aforementioned weekly supply area), and a small daily decision-point demand level seen at 0.95583. Before the market can reach the aforementioned weekly resistance flip level, selling pressure must take out the aforementioned daily decision-point demand level.
4hr Timeframe: The 4hr timeframe is showing some very interesting price action at the moment. A few hours ago, price closed below an ignored 4hr supply area at 0.96535-0.96408, which as a result likely cleared the path south down to at least 0.96. Therefore with this in mind, we intend to take a small short position around 0.96815 if price retraces that far, with a stop set just above 0.97 at 0.97039. Our first take-profit target will be set at 0.96030, and we will likely take full profit around the 4hr ‘buy zone’ at 0.95430-0.95635, which encapsulates the aforementioned daily decision-point demand level.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 0.96815 (Predicative stop-loss orders seen at: 0.97039).
Daily Timeframe: The current situation on the daily timeframe shows that price is ranging between a major daily supply area at 0.97505-0.96339 (located within the aforementioned weekly supply area), and a small daily decision-point demand level seen at 0.95583. Before the market can reach the aforementioned weekly resistance flip level, selling pressure must take out the aforementioned daily decision-point demand level.
4hr Timeframe: The 4hr timeframe is showing some very interesting price action at the moment. A few hours ago, price closed below an ignored 4hr supply area at 0.96535-0.96408, which as a result likely cleared the path south down to at least 0.96. Therefore with this in mind, we intend to take a small short position around 0.96815 if price retraces that far, with a stop set just above 0.97 at 0.97039. Our first take-profit target will be set at 0.96030, and we will likely take full profit around the 4hr ‘buy zone’ at 0.95430-0.95635, which encapsulates the aforementioned daily decision-point demand level.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 0.96815 (Predicative stop-loss orders seen at: 0.97039).
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.