Daily Timeframe: The shows that the recent buying momentum has forced prices above a daily decision-point supply area at 1235.51-1222.37 (located just within the aforementioned weekly supply area), which resulted in price forming two selling wicks. In the event that sellers come into the market here, we can likely expect price to test a daily demand area seen at 1185.97-1203.20. Conversely, if the two selling wicks turn out to be consumption wicks, and higher prices are seen, this will likely force the market north to test a daily Quasimodo coming in at 1249.45 (located very deep within the aforementioned weekly supply area).
4hr Timeframe: Buyers and sellers are currently seen trading in between a 4hr swap level coming in at 1235. 40 (located relatively deep within the aforementioned weekly supply area), and a 4hr swap area at 1226.52-1220.97.
If price breaks north here into a small 4hr supply area seen just above at 1244.52-1240.15, this could be a nice little area to short at around 1239.32 with a stop set at 1246.67, as let’s not forget, price is trading around a fresh weekly supply at the moment. Equally, assuming that price closes below the aforementioned 4hr swap area, this would be our cue to start watching price for selling opportunities on a possible retest (as per the blue arrows) using lower-timeframe confirmation, targeting a small 4hr decision-point demand area seen at 1199.26-1203.20 (located just within the daily demand area mentioned above at 1185.97-1203.20).
Current buy/sell levels:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: 1239.32 (Predicative stop-loss orders seen at: 1246.67).