Daily Market Analysis by IC Markets

Commercial Content Analysts
61

[B]GBP/USD
4hr TF.[/B]

Similar to the Euro, we saw a small rally yesterday even the expected low volume. Price nearly touched a supply area marked with a brown check sign at [B]1.68752 – 1.68558[/B] falling short around 3 pips or so.

This pair is in a rather difficult situation, on the weekly timeframe, price is currently trading between support (top of the long-term consolidation) at 1.67980 and supply at [B]1.76290 – 1.70490[/B], whilst on the daily timeframe, pro money consumed most of the buyers around the low (support) 1.67622, but has yet to reach the supply area above at [B]1.69963 – 1.69514[/B] for a possible push down, so price remains capped between these two areas on this timeframe.


[ul]
[li]Areas to watch for buy orders:[B] 1.67835 – 1.68062, 1.68000.[/B]
[/li][li]Areas to watch for sell orders: [B]1.68752 – 1.68558, 1.69000,[/B] (Daily supply) [B]1.69963 – 1.69514.[/B]
[/li][li]Most likely scenario: Today, we will likely see price break the 4hr upper supply area at [B]1.68752 – 1.68558[/B], why? Because the daily timeframe analysis is presently emphasizing shorts for now with most of the buyers being consumed at support on this timeframe at 1.67622. However, looking at the 4hr chart, notice that the majority of sellers at the round number 1.69000 above were consumed a while back, and the wicks circled in black likely indicate supply consumption, possibly leaving the way clear for a rally to daily supply at [B]1.69963 – 1.69514[/B] for the overall bigger push down. Taking all of this into consideration, do not expect price just to break through the 4hr upper supply and round number (levels above) without any bearish reaction, with even the possibility of a retrace down to 4hr demand at [B]1.67835 – 1.68062[/B] incorporating the round number at 1.68000 within before a push above is seen.
[/li][/ul]

62

[B]AUD/USD:
4hr TF.[/B]

As expected, yesterday showed us very little action, and technically nothing has changed. Today, however, should bring more volatility and a break may be seen out of where price is currently capped (Supply: [B]0.92745 – 0.92570[/B], Demand: [B]0.92037 – 0.92203[/B]).

Much the same as yesterday’s analysis, if a break lower happens, price has very little to stop it from reaching the 4hr decision point (demand) at [B]0.91542 – 0.91741[/B] with the daily S/R flip level just below at 0.91446.

Likewise, if a break above happens, there’s little in the way to stop buyers pushing price up to the minor demand/supply flip area at 0.93345 – 0.93186.

[ul]
[li]Areas to watch for buy orders:[B] 0.91542 – 0.91741, 0.91446[/B] (Daily S/R flip level).
[/li][li]Areas to watch for sell orders: [B]0.92745 – 0.92570.[/B]
[/li][li]Most likely scenario: With more volume expected today, and price seeing a recent bearish reaction off of the weekly S/R flip area (0.93718), along with the daily timeframe being in a weak-looking demand area at [B]0.92054 – 0.92649[/B], the 4hr chart will likely see price break the lower demand area ([B]0.92037 – 0.92203[/B]) along with the round number 0.92000 dropping towards the decision point/demand area at[B] 0.91542 – 0.91741[/B], with the daily S/R flip level just below at 0.91446. Do bear in mind though, price may spike to supply at [B]0.92745 – 0.92570[/B] first to collect the much-needed liquidity for a possible push down.
[/li][/ul]

63

[B]USD/JPY:
4hr TF.[/B]

Price did not move much at all yesterday, we saw a few minor tests north of the round number 102.000, other than that though; nothing has changed which was to be expected.

Similar to the last analysis, take a look at the two brown circles, these areas are likely where pro money retraced price to fill left-over buy orders, thus consuming most of the demand (buyers) at the base and just above minor demand ([B]101.335 – 101.472[/B]), so in the future price should slide through here with ease trading deeper within this area.


[ul]
[li]Areas to watch for buy orders: [B]101.335 – 101.472.[/B]
[/li][li]Areas to watch for sell orders: [B]102.000, 102.327 – 102.128.[/B]
[/li][li]Most likely scenario: Considering price has reacted bullishly to a weekly S/R flip level at 101.328, confirming the level once again, a bullish fakeout of the daily demand area at [B]101.207 – 101.754[/B] has been seen, higher prices are then to be expected. On the 4hr timeframe, price will likely retrace back to the 4hr demand area below at[B] 101.335 – 101.472[/B], to aid a likely rally higher, however, do expect some sort of bearish reaction at the round number 102.000 and supply above at [B]102.327 – 102.128[/B] before the rally continues.
[/li][/ul]

64

The chart levels and zones will be color coded for the benefit of readers as follows:
Weekly TF = [B]Black[/B]. Daily TF = Gold. 4hr TF = Brown

Volatility has certainly picked up as price has shown more energy recently. We saw a rally into the 4hr demand/supply flip area at [B]1.36696 – 1.36432[/B] as reported may happen. A minor demand area was formed on Monday at [B]1.36114 – 1.36186[/B], this demand area could have been purposely created to facilitate a fakeout into the new 4hr demand area below at [B]1.35623 – 1.35984[/B] with the round number 1.36000 just above providing extra support.


The chart below is more of a reminder to see what the 4hr demand area looks like to the left, and to show how close it is to the higher-timeframe daily demand area at [B]1.34770 – 1.35557.[/B]


[ul]
[li]Areas to watch for buy orders: [B]1.36114 – 1.36186, 1.36000[/B], and [B]1.35623 – 1.35984.[/B]
[/li][li]Areas to watch for sell orders: [B]1.36696 – 1.36432.[/B]
[/li][li]Most likely scenario: Price will likely trade within the demand/supply flip area at[B] 1.36696 – 1.36432[/B] and the newly-formed minor demand area at 1.36114 – 1.36186, then likely fake this demand area into the new 4hr demand zone just below at[B] 1.35623 – 1.35984,[/B] also taking a stab at the round number 1.36000 just above. Why would pro money do this? Think how many sell stops are just below the minor demand area (levels above) coupled with breakout sellers, this is a perfect opportunity to collect sell orders to buy in to, as don’t forget we are still within higher-timeframe weekly demand at[B] 1.34770 – 1.36837.[/B]
[/li][/ul]

65

[B]GBP/USD:
4hr TF.[/B]

Some nice movement has been seen on this pair, with price consuming the majority of the sellers and stopping out the breakout buyers just above supply ([B]1.68752 – 1.68558[/B]) as reported in yesterday’s analysis may likely happen. Price dropped like a rock to demand at [B]1.67835 – 1.68062[/B], touching the daily demand uptrend line to the pip.


[ul]
[li]Areas to watch for buy orders: [B]1.67835 - 1.68062, 1.68000.[/B]
[/li][li]Areas to watch for sell orders: [B]1.69000.[/B]
[/li][li]Most likely scenario: With the majority of sellers/breakout buyers at supply ([B]1.68752 – 1.68558[/B]) consumed, price is free to hit the next supply area which will likely be the round number 1.69000 just above. Pro money will likely trade off of the demand area near where price is currently trading, at [B]1.67835 – 1.68062[/B], but not before spiking lower to consume the sell stops and the breakout sellers’ orders around the round number 1.68000 to buy into for a possible rally to the upside.
[/li][/ul]

66

[B]AUD/USD:
4hr TF.[/B]

This pair has seen a lot more action compared to recent trading sessions. It was reported in the last analysis, price will likely break the lower 4hr demand area at [B]0.92037 – 0.92203[/B], but also forewarning us that we may see a spike to supply at [B]0.92745 – 0.92570[/B] beforehand.

A spike to supply did happen, which actually broke the upper limit, consuming the majority of the sellers and stopping out the bullish breakout traders.

Keeping in mind from the last analysis:

[ul]
[li]If a break lower happens, price has very little to stop it from reaching the 4hr decision point (demand) at [B]0.91542 – 0.91741[/B] with the daily S/R flip level just below at 0.91446.
[/li][li]If a break above happens, there’s little in the way to stop buyers pushing price up to the minor demand/supply flip area at [B]0.93345 – 0.93186.[/B]
[/li][/ul]


[ul]
[li]Areas to watch for buy orders: [B] 0.91542 – 0.91741, 0.91446 [/B](Daily S/R flip level)
[/li][li]Areas to watch for sell orders: [B]0.92745 – 0.92570.[/B]
[/li][li]Most likely scenario: At the time of writing, price still remains capped between supply ([B]0.92745 – 0.92576[/B]) and demand at [B]0.92037 – 0.92203[/B]. Still, considering the following: we have seen a recent bearish reaction off of the weekly S/R flip area (0.93718), along with the daily timeframe being in a weak-looking demand area at[B] 0.92054 – 0.92649[/B], the 4hr chart will likely see price break the lower demand area ([B]0.92037 – 0.92203[/B]) along with the round number 0.92000 dropping towards the decision point/demand area at [B]0.91542 – 0.91741[/B], with the daily S/R flip level just below at 0.91446.
[/li][/ul]

67

[B]USD/JPY:
4hr TF.[/B]

This pair has not really moved much considering more volatility was expected yesterday. A few more minor tests north have been seen at the round number 102.000, but with no bearish conviction. Another tail has been circled, why would this tail be any different to the previous two? Remembering that it was reported the previous two tails were likely buying tails i.e. consuming buyers on the way up, potentially clearing the way south. Now, considering price is currently trading at round number resistance (levels above), the tail may be an indication of more buying near a supply (the round number) giving us the indication we may likely see a break of the round number north, testing the next supply area above at [B]102.365 – 102.128[/B], as this could well be pro money loading the boat for a push up.


[ul]
[li]Areas to watch for buy orders: [B]101.335 – 101.472.[/B]
[/li][li]Areas to watch for sell orders: [B]102.000, 102.365 – 102.128.[/B]
[/li][li]Most likely scenario: Price will likely break the round number 102.000, forcing price to test the nest supply area at [B]102.365 – 102.128[/B]. If, in the unlikely event price does drop, look for buyers to come into the market around the demand area below at [B]101.335 – 101.472.[/B]
[/li][/ul]

68

The chart levels and zones will be color coded for the benefit of readers as follows:
Weekly TF = [B]Black[/B]. Daily TF = Gold. 4hr TF = Brown

[B]EUR/USD:
4hr TF.[/B]

Price has done exactly as expected. At the time of writing, a very minor reaction was seen at the demand area created on Monday at [B]1.36114 – 1.36186[/B]. A spike to the downside was seen through the demand zone, piercing the round number 1.36000 and touching demand below at [B]1.35623 – 1.35984[/B], which was reported may happen in yesterday’s analysis. A quick reminder of why pro money is likely doing this: Think how many sell stops are just below the minor demand area (levels above) coupled with breakout sellers, this is a perfect opportunity for the pros to collect sell orders (liquidity) to buy in to, as don’t forget, we are still within higher-timeframe weekly demand at [B]1.34770 – 1.36837[/B] and currently trading just above daily demand at [B]1.34770 – 1.35557.[/B]


[ul]
[li]Areas to watch for buy orders:[B] 1.36114 – 1.36186, 1.36000[/B], and [B]1.35623 – 1.35984.[/B]
[/li][li]Areas to watch for sell orders: [B]1.36696 – 1.36432.[/B]
[/li][li]Most likely scenario: Price will likely spike deeper into the new 4hr demand area below at [B]1.35623 – 1.35984, [/B]stopping out the majority of the traders who went long at the minor demand area marked with a check at [B]1.36114 – 1.36186[/B], plus triggering the breakout traders’ sell orders just below, this is also what will likely happen at the round number 1.36000. The sell orders will be received with open arms by pro money for liquidity to buy into, with near-term targets at the 4hr demand/supply flip area at [B]1.36696 – 1.36432.[/B]
[/li][/ul]

69

[B]GBP/USD:
4hr TF.[/B]

Oh my! Pro money clearly has enough liquidity already locked in for shorts, without the need to rally price up to the daily supply area at[B] 1.69963 – 1.69514,[/B] as explained may need to happen when undertaking Tuesday’s analysis.

The demand area at [B] 1.67835 – 1.68062[/B], along with the daily (up) trendline and round number 1.68000 have been consumed, and now remains a confluent supply area to watch in the future. Price consuming this area proves that the spike above supply at [B]1.68752 – 1.68558[/B] was indeed a fakeout collecting liquidity.


[ul]
[li]Areas to watch for buy orders: [B]1.67000, 1.66630.[/B]
[/li][li]Areas to watch for sell orders: [B]1.67622.[/B]
[/li][li]Most likely scenario: Price just consumed the demand level to watch at [B]1.67236[/B], pro money will likely push down a little further towards the round number 1.67000 for a bullish reaction to be seen. Do not expect the reaction to be anything magnificent, with the likely target for this down move being seen at the daily flip level below at ([B]1.66630[/B]), which was reported in Monday’s weekly forecast emphasizing that it may happen sometime this week. Following the possible reaction at the round number (levels above), price will likely rally to daily support, which has now become resistance at[B] 1.67622[/B], making it a safe near-term target, and also providing pro money the much-needed liquidity if any more selling is to be done down to the daily S/R flip level (levels above) below.
[/li][/ul]

70

[B]AUD/USD:
4hr TF.[/B]

The AUD still remains capped between supply at [B]0.92745 – 0.92570[/B] and demand at[B] 0.92037 – 0.92203.[/B] A spike above the supply area has recently been seen; unfortunately, it is too early to tell if it is a fakeout or a consumption wick.


[ul]
[li]Areas to watch for buy orders:[B] 0.91542 – 0.91741, 0.91446[/B] (Daily S/R flip level)
[/li][li]Areas to watch for sell orders: [B]0.92745 – 0.92570.[/B]
[/li][li]Most likely scenario: Much the same as the last analysis, price will likely break the lower demand area ([B]0.92037 – 0.92203[/B]) along with the round number 0.92000 dropping towards the decision point/demand area at [B]0.91542 – 0.91741[/B], with the daily S/R flip level just below at 0.91446. The reason being is the higher-timeframe influence regarding the bearish reaction off of the weekly S/R flip area (0.93718), along with the daily timeframe being in a weak-looking demand area at [B]0.92054 – 0.92649.[/B]
[/li][/ul]

71

[B]USD/JPY:
4hr TF.[/B]

A quick recap is in order for this pair. The weekly timeframe currently shows price trading around a long-term S/R flip level at [B]101.328[/B], which has yet to see a positive close below. The daily timeframe shows a fakeout south occurred at daily demand area ([B]101.207 – 101.754[/B]), so higher prices are naturally expected.

The last analysis reported price will likely break the round number [B]102.000[/B] north, forcing price to test the 4hr supply area above at [B]102.365-102.128[/B] coupled with weekly trendline resistance. Price did this, and is now, at the time of writing trading lower at [B]101.746.[/B]


[ul]
[li]Areas to watch for buy orders: [B]101.335 – 101.472, 101.328, 100.927/101.000[/B]
[/li][li]Areas to watch for sell orders: [B]102.365 – 102.128.[/B]
[/li][li]Most likely scenario: Lower prices are currently being seen from the reaction off of the supply area ([B]102.365 – 102.128[/B]) along with weekly trendline resistance. Price will likely trade towards the demand area below at [B]101.335 – 101.472[/B], with the weekly S/R flip level just below at 101.328 because most of the demand/buy orders have already been consumed with the tails (circled in brown). If in the unlikely event price breaks this level, we may see another touch at the fakeout level at [B]100.927/101.000[/B] before higher prices are seen.
[/li][/ul]

72

The chart levels and zones will be color coded for the benefit of readers as follows:

Weekly TF = [B]Black[/B]. Daily TF = Gold. 4hr TF = Brown

[B]EUR/USD:
Daily TF.[/B]

Here on the daily timeframe, we can see price action still remains relatively bearish. The support 1.36432 has well and truly been cleared out of all buyers, becoming resistance. Price is currently capped between the S/R flip level just mentioned, and the daily demand area below at [B]1.34770 – 1.35557[/B], where price is very likely to visit next.

[B]4hr TF.[/B]

Price did do what was reported in the last analysis, only with not as much energy as expected. The minor demand area marked with a check sign at [B]1.36114 – 1.36186[/B] was faked south into demand at [B]1.35623 – 1.35984[/B] with the round number 1.36000 just above.

At the time of writing, not much bullish action has been seen, in fact price was stopped by a very minor supply area at [B]1.36386 – 1.36265[/B], and now remains capped between the supply area just mentioned and 4hr demand at [B]1.35623 – 1.35984.[/B]


[ul]
[li]Areas to watch for buy orders: [B]1.35623 – 1.35984.[/B]
[/li][li]Areas to watch for sell orders: [B]1.36386 – 1.36265.[/B]
[/li][li]Most likely scenario: Price will likely remain trading within where price is currently capped (Supply: [B]1.36386 – 1.36265[/B], Demand: [B]1.35623 – 1.35984[/B]) during the low-volume sessions, once volatility picks up, a break will likely happen at either area just mentioned above, once it does, we’ll have more of an idea on possible direction.
[/li][/ul]

73

[B]GBP/USD:
4hr TF.[/B]

Referring back to yesterday’s analysis, price was expected to sell into the round number [B]1.67000[/B] for a possible bullish reaction to be seen. The buyers were definitely active around this level,

Something interesting happened here that may be worth noting for when it happens again. Look at the first reaction at the round number (levels above), now look at the candles after, do they portray bullish conviction with energy? The brown circle highlights the second touch, this was more than likely because buy orders were all used up, thus pro money began selling hard to break deeper into the sell stops below the round number, stopping out all the traders who love to move their stops to breakeven too quick! Again, do the candles after the tail portray bullish conviction? At the time of writing the short answer is no, so be prepared for possible lower prices soon.


[ul]
[li]Areas to watch for buy orders: [B]1.66630, 1.67000.[/B]
[/li][li]Areas to watch for sell orders: [B]1.67622.[/B]
[/li][li]Most likely scenario: The likely target for the present downswing is still the daily S/R flip level below at [B]1.66630[/B], however, before this is reached, price may rally to the daily S/R flip level above at [B]1.67622[/B] to collect liquidity (buy orders) before selling hard, and breaking/consuming the round number [B]1.67000.[/B]
[/li][/ul]

74

[B]AUD/USD:
4hr TF.[/B]

This pair did completely the opposite to what was reported may happen in yesterday’s analysis. Price broke supply north at [B]0.92745 – 0.92570[/B], and spiked the round number 0.93000, nearly hitting the minor demand/supply flip area at [B]0.93345 – 0.93186[/B] meaning the brown circled area was a consumption wick, not a fakeout.

Where do we go from here? Well, all it means is price is not ready to break lower just yet, even if the higher timeframes are emphasizing sells as per the weekly analysis on Monday.


[ul]
[li]Areas to watch for buy orders: [B]0.92745 – 0.92570.[/B]
[/li][li]Areas to watch for sell orders:[B] 0.93345 – 0.93186.[/B]
[/li][li]Most likely scenario: The sellers at the round number 0.93000 are more than likely consumed around this area, so price will more than likely trade within the demand/supply flip area above at [B]0.93345 – 0.93186[/B] and the demand/supply flip area below at [B]0.92745 – 0.92570[/B]. Once a break is seen either side, we’ll have more of an idea of where price may be heading.
[/li][/ul]

75

[B]USD/JPY:
4hr TF.[/B]

Price was able to travel down to the demand area at[B] 101.335 – 101.472[/B] because most of the demand/buyers had already been consumed (marked with brown circles). This pair is currently trading within the demand area just mentioned and a minor supply area at [B]101.886 – 101.778.[/B]


[ul]
[li]Areas to watch for buy orders: [B]101.335 – 101.472, 100.927/101.000.[/B]
[/li][li]Areas to watch for sell orders: [B]101.886 – 101.778, 102.365 – 102.128.[/B]
[/li][li]Most likely scenario: Higher prices are still very likely due to higher-timeframe influence. However, a drop in price could well be seen to the fakeout area at [B]100.927/101.000[/B] for a rally to be happen. The safest bet now is to wait for a positive break either above supply at [B]101.886 – 101.778[/B] or demand at [B]101.335 – 101.472.[/B] If a break above is seen, watch for likely sellers to be waiting around the supply area at [B]102.365 – 102.128[/B], likewise, if a break below is seen, look for likely buyers to be lurking around the fakeout area mentioned above.
[/li][li]
[/li][/ul]

76

[B]EUR/USD:[/B]

[B]Weekly TF[/B]
The last weekly forecast reported that we should be on our guard for active buyers within the demand area at [B]1.34770 – 1.36771[/B], where price is currently trading. A bullish reaction has been seen, however not with conviction, and has formed what some traders call an indecision candle.

Price still remains capped between the demand area just mentioned and supply above at [B]1.42470 – 1.38580[/B].

[B]Daily TF.
[/B]
Price is presently trading between the S/R flip level resistance at [B]1.36432[/B] and demand below at [B]1.34470 – 1.35557[/B] which, do not forget, is deep within weekly demand at [B]1.34770 – 1.36771[/B].

A rally towards the S/R flip level resistance ([B]level above[/B]) happened on Friday, with a slight bearish reaction being seen, this may explain why the weekly candle had no buying conviction.

If we see a positive close above the S/R flip level resistance, expect sellers to be seen above in and around supply at [B]1.37342 – 1.36951[/B].

[B]4hr TF.[/B]
Today is notoriously a slow-moving one, nonetheless, we have a few high-impacting news announcements today, so, as always, be on your guard!

Sell orders are seen at the smaller supply just above [B]1.36542[/B] with stops set just above at [B]1.36741[/B], targeting the round number [B]1.36000[/B], the reasoning behind this is, today, price will more than likely trade within where price is currently capped (Supply: [B]1.36513 – 1.36432[/B] Demand: [B]1.35623 – 1.35984[/B]).

Buy orders are seen at the demand area below at [B]1.35984[/B], with stops set below at [B]1.35583[/B], with a safe target above at [B]1.36432[/B] for the same reasons as the sell orders.

The R.R is not fantastic on these trades, but this is what the markets is currently offering at the time of writing, and keep in mind, movement may be slow today.

[B]Orders:[/B]
Buy(s) at: [B]1.36984[/B]

[ul]
[li]Stop(s) at: [B]1.35583[/B]
[/li][li]Target(s) at: [B]1.36432[/B]
[/li][/ul]

Sell(s) at: [B]1.36542[/B]

[ul]
[li]Stop(s) at: [B]1.36741[/B]
[/li][li]Target(s) at [B]1.36000[/B]
[/li][/ul]

77

[B]Weekly TF.
[/B]
A close below the previous week’s candle low was seen last week, breaking price back into the long-term consolidation area at [B]1.67980 – 1.42273[/B]. As per this timeframe, it seems sellers have taken control, and a fakeout above the long –term consolidation area ([B]levels above[/B]) has likely happened, consequently, watch for the possibility of lower prices this coming week.

[B]Daily TF.
[/B]
The low (marked with a black circle) [B]1.67353[/B] has been consumed, stopping out the majority of the buyers along the way. Taking into consideration our weekly analysis above regarding lower prices being possible, the daily timeframe shows higher prices may have to happen for pro money to collect liquidity from the stacked supply areas above at [B]1.69963 – 1.69514/1.69210 – 1.68697[/B] before a drop is seen to the daily S/R flip level at [B]1.66631[/B].

[B]4hr TF.
[/B]
Price faked the demand area south at [B]1.67201 – 1.67350[/B] and reacted beautifully off of the round number [B]1.67000[/B]. Price is now capped between the round number just mentioned and supply above at [B]1.68158 – 1.67828[/B].

If we see a break above supply ([B]levels above[/B]), price could be forced to test oncoming supply at [B]1.68822 – 1.68708[/B]. A break below demand ([B]levels above[/B]) will see prices likely testing the daily S/R flip level at [B]1.66631[/B] (as seen on the daily timeframe), before hitting 4hr demand at [B]1.65638 – 1.65827[/B].
Buy orders are seen below the round number ([B]levels above[/B]) at [B]1.66906[/B] with stops being set at [B]1.66534[/B] which is just below the daily S/R flip level (marked with a black circle) mention already, we are targeting [B]1.67828[/B] as price will likely trade within where price is capped for today anyway([B]levels below[/B]).

Sell orders are seen at [B]1.67828[/B] with stops being set above the supply area at [B]1.68216[/B], targeting the round number below at [B]1.67000[/B]. Again, similar to the Euro, the R.R is not great but this is what the market is offering currently.

[B]Orders:[/B]
Buy(s) at: [B]1.66906[/B]
[ul]
[li]Stop(s) at: [B]1.66534[/li][/B]
[li]Target(s) at: [B]1.67828[/li][/B]
[/ul]
Sell(s) at: [B]1.67828[/B]
[ul]
[li]Stop(s) at: [B]1. 68216[/li][/B]
[li]Target(s) at [B]1.67000[/B][/li][/ul]

78

[B]Weekly TF:
[/B]
2 weeks ago, price looked very promising for a decent sell off from the S/R flip area at [B]0.93718[/B], but last week did not even manage a lower low, and traded within the previous week’s candle. As per this timeframe, there is yet to be a decision made on where price may be heading next.

Something to bear in mind, where is the biggest profit target for pro money, above to supply at [B]0.97576 – 0.95821[/B] or below to demand at [B]0.86601 – 0.88258[/B]? At the time of writing it is clearly below at the demand area.

[B]Daily TF.
[/B]
Very similar to the weekly timeframe, it’s very difficult to see a possible direction even on the daily timeframe as price is trapped trading between supply at [B]0.94468 – 0.93758[/B] and demand at [B]0.92054 – 0.92633[/B]. The only clue we have, is the circled wick above, which likely consumed enough sellers for a break above supply ([B]levels above[/B]) to occur, but that has yet to happen.

[ul]
[li]A break below this demand area could force price to test the daily S/R flip level below at [B]0.91446[/B].[/li][li]A break above daily supply ([B]levels above[/B]) could still see price testing fresh daily supply at [B]0.95434 – 0.94862[/B] as reported in the weekly forecast completed on the 12[SUP]th[/SUP] May.[/li][/ul]

[B]4hr TF.[/B]
Price is currently capped between the D/S flip area above at [B]0.93345 – 0.93186[/B] and the S/D flip area at [B]0.92576 – 0.92774[/B], incorporating the round number [B]0.93000[/B] in between.

A break above may force price to test supply at [B]0.93729 – 0.93575[/B], likewise, a break below may see price testing demand at [B]0.92037 – 0.92203[/B].

The small area where price is presently capped between leaves little room for profit, so buy orders are set at the lower demand at [B]0.92203[/B] with stops beneath the round number ([B]0.92000[/B]) at [B]0.91942[/B], targeting 2 areas: 1. [B]0.92576[/B] and 2. [B]0.93186[/B] giving a better overall R.R

The sell orders are set at supply above at [B]0.93575[/B] with stops above at [B]0.93767[/B], targeting, again, 2 areas: 1. [B]0.93345[/B] and 2. [B]0.92774[/B], again, giving a better overall R.R than we would get if trading the small range.

[B]Orders:[/B]
Buy(s) at: [B]0.92203[/B]
[ul]
[li]Stop(s) at: [B]0.91942[/li][/B]
[li]Target(s) at: [B]0.92576/0.93186[/li][/B]
[/ul]
[B]​[/B]
Sell(s) at: [B]0.93575[/B]
[ul]
[li]Stop(s) at: [B]0.93767[/li][/B]
[li]Target(s) at [B]0.93345/0.92774[/B][/li][/ul]

79

[B]Weekly TF.
[/B]
Price had not managed to close below the S/R flip level at [B]101.254[/B], so higher prices are still more likely, as per this timeframe. Last week’s candle was unable to close above the previous weekly close ([B]101.915[/B]), with price closing lower at [B]101.779[/B]; however, a higher high was still seen last week at[B]101.427[/B] leaving some hope for some bullish action this coming week.

Price remains capped between supply at [B]105.441 – 104.075[/B] and the S/R flip level support below ([B]levels above[/B]).

[B]
Daily TF.
[/B]
On this timeframe we can see more information, price formed 2 bullish pin-bars on Thursday and Friday, what might they both mean? Keeping in mind, we’re trading at higher-timeframe demand (weekly S/R flip level support [[B]101.254[/B]]) and we’re within daily demand at [B]100.777 – 101.676[/B], these pin bars were likely pro money collecting unfilled buy orders for a possible rally in price sometime this week.

Price remains capped between 2 stacked supply areas at [B]104.842 – 104.174[/B]/[B]104.114 – 103.812[/B] and demand at [B]100.777-101.676[/B].


[B]
4hr TF.
[/B]
Ideally, what we want to see happen is for price to break above supply at [B]101.886 – 101.778[/B], then consume the next supply at [B]102.365 – 102.128[/B], this would possibly clear the path for a decent profit target, but remain aware, the higher of the two supply areas just mentioned ([B]102.365 – 102.128[/B]), will likely still have active sellers within it to deal with first

Price will likely consume supply at [B]101.886 – 101.778[/B], then retrace to where buy orders set at [B]101.472[/B]with stops below at [B]101.324[/B], targeting two areas: 1. [B]102.000[/B] and 2. [B]102.128[/B].

Sell orders are currently set at [B]102.128[/B], as price will likely spike through the round number [B]102.000[/B]triggering the orders. The stops are set just above the supply area at [B]102.387[/B] targeting 2 areas: 1.[B]101.472[/B] and 2. [B]100.927[/B].


[B]Orders:
[/B]
Buy(s) at: [B]101.472[/B]
[ul]
[li]Stop(s) at: [B]101.324[/B][/li][li]Target(s) at: [B]102.000/102.128[/B][/li][/ul]
Sell(s) at: [B]102.128[/B]
[ul]
[li]Stop(s) at: [B]102.387[/B][/li][li]Target(s) at [B]101.472/100.927[/B][/li][/ul]

80

[B]Weekly TF.
[/B]
Price is currently trading deep within demand at [B]0.80848 – 0.81668[/B], this is the third touch of this area since its first touch back on [B]19/1/2014[/B]. Most of the buyers should have been triggered in long now, only time will tell whether the buyers can maintain any sort of bullish strength.

Price is capped between supply at [B]0.84000 – 0.83286[/B] and the demand area mentioned above.


[B]
Daily TF.
[/B]
The price action on this pair has always been relatively clear. Demand at [B]0.80848 – 0.81197[/B] is the deepest area on this timeframe within the weekly demand area ([B]0.80848 – 0.81668 – seen above[/B]). What’s interesting here, is the daily demand area just mentioned has been consumed with a spike below (marked with an arrow), meaning we may see lower prices this week from where price is currently trading at (supply at [B]0.81819 – 0.81430[/B]).

And here is what the demand area looks like to the left, marked with an arrow:


[B]
4hr TF.
[/B]
This pair is trading between the lowest of the 3 stacked supply areas at [B]0.81580 – 0.81512[/B], and demand below at [B]0.81053 – 0.81171[/B].

Sell orders are set at [B]0.81512[/B] with small stops above at [B]0.81605[/B], targeting the base of demand below at[B]0.81171[/B].
Buy orders are set at [B]0.81171[/B], with stops below at [B]0.80985[/B], just below the round number [B]0.81000[/B]; the target is set at the base of supply at [B]0.81512[/B].

Price will likely remain trading between where price is currently capped; a break of either area on this pair is very unlikely today.

[B]
Orders:
[/B]
Buy(s) at: [B]0.81171[/B]
[ul]
[li]Stop(s) at: [B]0.80985[/B][/li][li]Target(s) at: [B]0.81512[/B][/li][/ul]
Sell(s) at: [B]0.81512[/B]
[ul]
[li]Stop(s) at: [B]0.81605[/B][/li][li]Target(s) at [B]0.81171[/B][/li][/ul]