The higher-timeframe picture resembles the following:
• Weekly timeframe: Price remains capped between the long-term weekly R/S flip level at 101.206, and the weekly supply area above at 105.432-104.065.
• Daily timeframe: The three spikes seen above the daily at 102.713 possibly consumed the majority of the sellers around this area, which likely cleared the path up to around daily supply at 104.104-103.802; however, price could see a sell off due to pro money liquidity requirements (not enough sellers to buy into) before this area gets hit. Two areas of demand where price could decline to have caught our eye, the first being a near-term daily S/D flip area at 101.962-102.257 which price is yet to hit, and the second, the dally demand area much lower at 100.747-100.967 before a stronger advance is seen, so do be prepared for this to possibly happen sometime soon.
Serious selling is currently being seen with little to no interest being seen by the buyers at the moment. Price spiked way above the minor 4hr S/R flip level at 102.714 to around a small 4hr decision-point level at 102.922 where selling action has been seen ever since!
Could we be seeing a touch of our 4hr decision-point area below at 102.027-102.080 soon? It certainly appears that way since we do not see much that will stop price to the left.
Pending/P.A confirmation orders:
• Pending buy orders (Green line) are seen just above the decision-point level (102.027-102.080) at 102.100. We have set a pending buy order here since this remains the place on this timeframe where pro money likely made the decision to push price up so aggressively, which indicates the strong possibility that unfilled buy orders may still be present and active here.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• No pending sell orders (Green line) are seen in the current market environment.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 102.100 (SL: 101.971 TP: Dependent on price approach).P.A.C: No P.A confirmation buy orders are seen in the current market environment.
• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell orders are seen in the current market environment.