Price still remains capped between weekly supply at 1391.97-1328.04 and a nice-looking weekly decision-point level below at 1244.08. Last week, the sellers appeared in control, which should be the case really, as price has just recently traded out of the aforementioned weekly supply area.
A close below the daily ignored decision-point level at 1292.52 was seen on Thursday, and price came within a few pips of touching a major daily S/R flip level below at 1277.36 before rallying north where a retest of the ignored daily decision-point level was seen (level above). Price for the time being remains capped between both of the areas just mentioned above, if we see a positive close above or below either of them, we will then have more of an indication as to where price is likely headed next.
Price has reacted beautifully out of the 4hr S/D flip area at 1284.77-1280.53 making a high of 1296.91. Unfortunately price did not trade above the high marked with a green flag yet at 1297.20, as this would likely indicate higher prices were to be seen, as the sellers would possibly be consumed. So, if we push higher, a pending buy order will be set in place of the current P.A confirmation buy order (1285.71), if we push lower below the aforementioned 4hr S/D flip area, we will then be watching the 4hr demand area at 1258.40-1264.53.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• The P.A confirmation buy order (Red line) set just above the S/D flip area (1284.77-1280.53) at 1285.71 is now active, the buyers will need to prove this area by consuming some or most of the sellers around the high marked with a green flag at 1297.20, a pending buy order will then be set awaiting a possible return.
• 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: No pending buy orders seen in the current market environment. P.A.C: 1285.71 (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 seen in the current market environment. P.A.C: No P.A confirmation sell orders seen in the current market environment.