Weekly Timeframe: At the time of writing, price is trading directly above a weekly decision-point (support) level at 1244.08. In our humble opinion, it may be time to be locking in profits on any shorts open, and thinking about looking for buying opportunities.
Daily Timeframe: On the daily timeframe price is seen entering a daily demand area at 1238.41-1254.85. This area of demand appears weak from the deep test seen on 03/06/14 at 1240.23. Nonetheless, price is currently trading around a small daily decision-point level (demand- 1252.02) at the moment, notice this level was not a reaction to anything, and until now remained untouched, so we expect a bounce here at the very least.
4hr Timeframe: Our pending buy order set just above 4hr demand (1240.92-1244.87) at 1245.52 has been filled, and at the time of writing is sitting nicely in the green! We are naturally expecting a nice runner out of this buy trade, since this is a fantastic fresh-looking 4hr demand area, and also not forgetting that price is currently trading around some really attractive higher-timeframe demand areas (weekly decision-point (support) level at 1244.08, daily decision-point level at 1252.02) at the moment. The first area of concern on this timeframe is around where active sellers last came into the market, the 4hr resistance flip level at 1257.55, we will be sure to take partial profits before reaching this level.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 1245.52 (Active) (Stop loss: 1239.58 Take profit levels(s): 1254.87 1266.36). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.
Daily Timeframe: On the daily timeframe price is seen entering a daily demand area at 1238.41-1254.85. This area of demand appears weak from the deep test seen on 03/06/14 at 1240.23. Nonetheless, price is currently trading around a small daily decision-point level (demand- 1252.02) at the moment, notice this level was not a reaction to anything, and until now remained untouched, so we expect a bounce here at the very least.
4hr Timeframe: Our pending buy order set just above 4hr demand (1240.92-1244.87) at 1245.52 has been filled, and at the time of writing is sitting nicely in the green! We are naturally expecting a nice runner out of this buy trade, since this is a fantastic fresh-looking 4hr demand area, and also not forgetting that price is currently trading around some really attractive higher-timeframe demand areas (weekly decision-point (support) level at 1244.08, daily decision-point level at 1252.02) at the moment. The first area of concern on this timeframe is around where active sellers last came into the market, the 4hr resistance flip level at 1257.55, we will be sure to take partial profits before reaching this level.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 1245.52 (Active) (Stop loss: 1239.58 Take profit levels(s): 1254.87 1266.36). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.
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