Weekly timeframe perspective: Along with the overall trend still firmly pointing north, buying pressure is being seen from deep within a small weekly decision-point demand area at 118.22-119.40. In the event that the buyers can continue with this tempo, it’s likely we’ll eventually see prices challenge the weekly Quasimodo resistance level seen at 122.18.
Daily timeframe perspective: The daily timeframe shows price is currently nibbling at the underside of a minor daily supply area seen at 121.18-120.08. A convincing push above this barrier could very well be the catalyst needed for a move up to the aforementioned weekly Quasimodo resistance level.
4hr timeframe perspective: From the 4hr timeframe, we can see that price sold off during yesterday’s sessions. This move consequently tested the 4hr decision-point demand area at 119.42-119.67, which, as you can see, was clearly enough to support a counterattack back up to 120.21.
Our team is only prepared to begin buying this market if price manages to close above and retest 120.21 as support. Now, you may be thinking that by buying here, we’d be buying into daily supply, right? You’d be correct in your thinking. However, let’s not forget that even though we’re effectively buying into daily supply, we’re also buying WITH the weekly trend and from a weekly decision-point demand area (for levels see above), as in our experience the higher timeframes usually take precedence.
Taking all of the above into consideration, we have no interest in selling this market at this time.
Current buy/sell orders:
• Buy orders: Flat (Predicative stop-loss orders are seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders are seen at: N/A).