Weekly Timeframe: Last week saw the market react beautifully off of a weekly resistance flip level coming in at 105.432. Is this level really enough to put a halt on the selling that was recently seen out of the weekly supply area above at 110.625-108.123? Let’s see what the lower timeframe have to say.
Daily Timeframe: The daily timeframe shows that selling interest is currently being seen within a fresh daily decision-point supply area seen at 107.486-106.661. Assuming further selling comes into the market here, this could potentially signal that lower prices may be seen down to at least a daily decision-point demand area coming in at 104.674-105.244, where a decision will once again have to be made. However, in the event price breaks above this area, any traders that got short around the aforementioned weekly supply area may want to consider closing some or all of their position, since price could trade right back to your entry level.
4hr Timeframe: The market opened a cool 35 points or so above Friday’s close (106.839) at 107.190, which consequently saw price trading within a fresh 4hr supply area seen at 107.486-107.035 (located deep within the aforementioned daily decision-point supply area).
Active selling is currently being seen out of this area of supply, which will likely force price to trade down towards a small 4hr decision-point demand area seen at 106.340-106.614 (tentative buy orders are seen just above at 106.649). Any long trade taken around here should be done so with caution, and preferably using lower-timeframe confirmation to enter, since we mustn't forget that the daily timeframe shows a clear path south down to around the 4hr demand area coming in at 104.962-105.218.
Buy/sell levels:
• Buy orders: 106.649 (Predicative stop-loss orders seen at: 106.302).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: The daily timeframe shows that selling interest is currently being seen within a fresh daily decision-point supply area seen at 107.486-106.661. Assuming further selling comes into the market here, this could potentially signal that lower prices may be seen down to at least a daily decision-point demand area coming in at 104.674-105.244, where a decision will once again have to be made. However, in the event price breaks above this area, any traders that got short around the aforementioned weekly supply area may want to consider closing some or all of their position, since price could trade right back to your entry level.
4hr Timeframe: The market opened a cool 35 points or so above Friday’s close (106.839) at 107.190, which consequently saw price trading within a fresh 4hr supply area seen at 107.486-107.035 (located deep within the aforementioned daily decision-point supply area).
Active selling is currently being seen out of this area of supply, which will likely force price to trade down towards a small 4hr decision-point demand area seen at 106.340-106.614 (tentative buy orders are seen just above at 106.649). Any long trade taken around here should be done so with caution, and preferably using lower-timeframe confirmation to enter, since we mustn't forget that the daily timeframe shows a clear path south down to around the 4hr demand area coming in at 104.962-105.218.
Buy/sell levels:
• Buy orders: 106.649 (Predicative stop-loss orders seen at: 106.302).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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