Daily Timeframe: Like the , we’re also seeing a consolidation on the . The market is currently capped to the downside by a daily swap area at 119.19-118.04, and to the upside by a daily supply area seen at 121.83-120.66 (Which was essentially a reaction off of a longer-term daily supply area visible at 122.61-121.54).
4hr Timeframe: The 4hr timeframe shows that price is currently trading between 120.00 and 119.00. Buying and selling in between this band is something we’re not comfortable doing as we do not see any logical take-profit targets.
In spite of this, we do see potential setups beyond these levels. A break above the 120.00 could well see a rapid retest forcing the market up towards a 4hr decision-point supply area at 120.99-120.66, which we’ll happily take advantage off if/when the time comes. Conversely, a break below 119.00 could equally see a prompt retest forcing the market down towards the 118.00 level, which again we’ll happily participate in.
Therefore, with the above taken into consideration, we feel it may be best to wait for the NFP result to be announced later on today, as this will likely generate enough to break either of the above levels.
Current buy/sell levels:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).