The shows price has been consolidating for around 14 weeks now (0.94600/0.92046). The buyers did make an attempt to breakout north two weeks ago, but were quickly hammered back down to within the consolidation area.
The most recently closed weekly candle and the one previous has formed what the majority of traders call an inside candle, could a further breakout north to weekly supply above at 0.97569-0.95788 be brewing? Let’s take a peek at the lower timeframes to see what more information we can gather.
Price is currently trading between the low 0.93208 and daily supply above at 0.95425-0.94852. If price positively closes above the aforementioned daily supply area, there is very little stopping it from reaching the weekly supply area just mentioned above, nonetheless, until we see a break of either of these areas mentioned, we do not have much in the way of possible direction for now.
A small retracement was seen from around the 0.93671 area up to the round number 0.94000. We still favor price declining to at least the 4hr demand area below at 0.93208-0.93417 which will possibly be seen early sometime this week.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy orders (Red line) are seen just above the decision point level (0.92566-0.92736) at 0.92775. The reason for placing a P.A confirmation buy order here rather than pending buy order is simply because we were trading just above a daily demand ‘buy zone’ at 0.92046-0.92354, meaning pro money could very well just ignore this level completely and trade deeper into the aforementioned daily demand area, so, confirmation is the order of the day!
• Pending sell orders (Green line) are seen just below supply (0.95425-0.95096) at 0.95052. A pending sell order is placed here due to this being an area where pro money was interested in before; see how close price came to the supply area? (Levels above), this indicates possible strong supply (selling pressure), so the next time price visits we can expect some sort of reaction.
• The pending sell order (Green line) set just below the decision point level (0.94408) at 0.94382 is now active. Our first take-profit target has been hit at 0.93678, so do keep an eye on our second target seen within 4hr demand below (0.93208-0.93417) at 0.93360.
• Areas to watch for buy orders: P.O: No pending buy orders seen in the current market environment. P.A.C: 0.92775 (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: 0.95052 (SL: 0.95467 TP: Depending on price approach) 0.94382 (Active-1st target hit) (SL: 0.94677 TP: 0.93678 0.93360 0.93000. P.A.C: No P.A confirmation sell orders seen in the current market environment.