Weekly timeframe perspective: From the weekly timeframe, we can see that price has been driven deep into a minor weekly decision-point demand area coming in at 118.22-119.40. If the buyers manage to maintain their position within this zone, we may see price attack the weekly Quasimodo resistance level at 122.18.
Daily timeframe perspective: The daily timeframe shows that price spiked below a small daily demand area at 118.61-119.05 yesterday, which as a result, saw price hit and rebound from a minor daily support level seen at 118.32 (located deep within the aforementioned minor weekly decision-point demand area).
4hr timeframe perspective: The kickback from the aforementioned minor daily support level has, as you can probably see, forced price to test a very clean-looking 4hr supply area at 119.64-119.38. Clean it may be, and selling from here could very work out nicely, but, given that both the weekly and daily timeframes are trading from some sort of support (see above) at the moment, we’re going to sit this one out, and see if the buyers can’t break this area of supply.
With this in mind, a clean break above this area may open the doors to intraday buying opportunities up to at least 120.00. Should price manage to get above this handle, we’ll be heavy buyers from that point on up to 120.60/121.00.
Current buy/sell orders:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).