General Forex Updates
EURUSD - This selling momentum could very well continue on to the next aforementioned 4hr demand area without a retracement seen, nonetheless price could very well reverse up to either the 4hr decision-point area at 1.35286-1.35211 (an important area as this is where pro money sellers made the overall decision to break the 4hr demand area at 1.34760-1.34943) or a 4hr decision-point area further up at 1.35714-1.35609, so do be prepared for that. The reasoning behind our thinking is that pro money may need liquidity to drop price further so a rally higher will give them the opportunity to manipulate price action to gain the much-needed liquidity (in this case buy orders for pro money sell orders).
GBPUSD - Could a drop down to the big round number level 1.70000 be seen soon? It is very possible as we know, and it is highly likely pro money know, there are millions upon millions of orders sitting around that level just waiting to be filled, or in a most cases stopped out.
AUDUSD - A quick ‘two-candle’ spike was sent north through the round number 0.94000, price then consolidated, and then shot north straight to the 4hr decision-point level at 0.94408 where price is currently seen trading at the moment. If we see the buyers positively close above the high marked with a green flag at 0.94550, we may look to trade the retest up to at least the round number 0.95000 or 4hr supply just above at 0.95425-0.95096. We will be watching price action very closely on this pair for the time being.
USDJPY - Pro money clearly did not have enough sell orders to buy into around the 101.516 area as price has seen a decline in value. Bullish price action is currently being seen just above a 4hr decision-point area at 101.187-101.276; we hope this is not the start of a rally as price missed our pending buy order at 101.292 by two pips!!!!
EURGBP - We are trading ever so close to weekly demand now (see above) so any long-term shorts will need to be closely monitored around this area. Saying this though, price could, and we emphasize the word ‘could’ here, still drop down lower within the weekly demand area (see above for the levels) before seeing higher price
USDCAD - At the time of writing, price action is seen trading between two round numbers, 1.08000 and 1.07000. Focus just for a moment on what the daily timeframe is telling us. We have broken above an important area (daily decision-point area at 1.07508-1.07293) meaning it is very possible we will hit the next important area, however before this, we may see a decline in price to daily demand below as pro money will no doubt require liquidity for the next move up (for all daily levels, see above). So with this in mind the round number 1.07000 will likely see a break before the round number 1.08000 above does.
USDCHF - Recent price action has seen price hit a 4hr supply area at 0.90372-0.90148 after breaking the round number 0.90000. Sellers then pushed price down to the round number, and from there a retest was seen, the buyers pushed price hard into the aforementioned 4hr supply area where once again selling action is being seen, take a look at all those wicks!
Gold- If we see a break below the aforementioned 4hr S/R flip level we will very likely see price hitting the ignored decision-point level at 1292.52 (seen clearer on the daily timeframe) where it is very likely we will see a decent-sized bullish reaction, so do note this level down.
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