The higher-timeframe picture resembles the following:
• Weekly TF: Price still remains trading between the weekly supply area above at 1391.97-1328.04 and a nice-looking weekly decision-point level below at 1244.04 with no attempt of a breakout yet to be seen.
• Daily TF: Buying interest from the daily S/R flip level at 1277.36 has recently been seen. If the buyers are intent on taking things higher, their first obvious area of trouble will likely be around the daily decision-point level at 1318.96.
Anyone that follows our analysis regularly may recall us saying that price may drop back down and test the range support (marked with a green arrow at 1283.13), and as we can all see this did happen, well not to the pip of course, but a retest has been seen nonetheless.
If the buyers are intent on taking things higher from here, they will need to prove this! We would like to see the buyers push above the high marked with a green flag at 1290 .86 (since this area poses a threat to any long positions taken at the moment), this will likely indicate that most of the sellers are indeed consumed, and potentially clear the path north up to around the 4hr supply area at 1319.28-1314.48 since there appears to be only consumed supply/sell orders directly above this high – take note of the wicks (marked with the blue arrows) within the red circle.
Pending/P.A confirmation levels:
• Pending buy orders (Green line) are seen just above 4hr demand (1258.40-1264.53) at 1266.09. The reason a pending buy order has been set here, is because this area in our opinion remains the overall origin of a big rally to the upside, likely meaning there are a lot of unfilled buy orders siting in and around this area.
• The P.A confirmation buy level (Red line) set just above the temporary range support (1273.07-1283.13) at 1283.60 is now active. For this level to be confirmed, the buyers will need to rally price above the high marked with a green flag at 1290 .86 consuming some or most of the sellers around this area, only then would we consider setting a pending buy order waiting for a possible return.
• No pending sell orders (Green line) are seen in the current market environment.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 1266.09 (SL: 1256.40 TP: Dependent on price approach) P.A.C: 1283.60 (Active-awaiting confirmation) (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• 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 levels are seen in the current market environment.