General Forex Updates - page 3

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EURGBP - We believe a small rally north is likely to be seen to around the aforementioned 4hr S/R flip level at 0.79358 or 4hr supply above at 0.79795-0.79684 before lower prices are seen. Why do we believe this? The weekly timeframe is NEARLY at the weekly demand area, and has a little way to go before arriving there, also as reported above, the daily timeframe analysis predicts we will see a small rally higher before lower prices are seen, due to the consumed daily demand area. So, taking this all into consideration, higher prices are likely to be seen on the 4hr timeframe before a much bigger sell off (from the 4hr areas mentioned above) to at least the 4hr demand area below at 0.78602-0.78320 which is also neatly located just above daily demand at 0.78117-0.78533, and more importantly, just within weekly demand at 0.79631-0.78623.

 

USDCAD - We were not expecting price to trade this high in all honesty! It looks as though the buyers are going to push through the 4hr decision-point area at 1.08250-1.08123. The reason we did not think price would trade this high is simply because we are trading around a weekly supply area at 1.09592-1.08133, and a daily S/R flip level at 1.08277 (which is essentially the base of the aforementioned weekly supply area).

 

EURUSD - The 4hr demand area at 1.33984-1.34404 that was neatly located within daily demand at 1.33984-1.34397 has obviously also been consumed south too. We have also just seen price just close below the round number 1.34 as well. Take a look to the far left under the aforementioned 4hr demand area, we see consumed demand, the spikes/tails were no doubt sent to consume buyers on the initial rally north, but all the while they were also clearing the path down to at least the 1.32758 level where it is likely fresh buy orders are sitting are sitting on this timeframe.

 

GBPUSD - A break of the 4hr demand area at 1.69512-1.69708 has been seen as reported may likely happen in the last analysis. Price is relatively clear now to hit at least the round number 1.69 with little to the left that would likely cause any trouble.

 

AUDUSD - A positive break below the 0.93649 level could see prices testing a nice-looking 4hr decision-point area at 0.93348-0.93500. This level remains important for two reasons: 1. This was the area on this timeframe pro money buyers decided to spike above the round number 0.94 which means there was buying strength around this area at that time which indicates unfilled buy orders may still be left there, and number 2: this 4hr area is neatly located at the lower limits of the medium-term daily range at 0.93208. So do watch this area closely as we expect there to be a reaction.

 

USDJPY - If a retracement is seen from where price is currently trading at, a likely destination will be around the 4hr decision-point area at 102.027-102.080 (we have a pending buy order set just above at 102.100). From here price is relatively free to trade on up to 4hr supply at 102.584-102.505.

 

EURGBP - Price is seen consolidating above the 4hr demand area at 0.78862-0.79048, it is still very likely price will rally and react up to either the 4hr S/R flip level at 0.79358 or 4hr supply above at 0.79795-0.79684 before lower prices are seen. The reasoning behind this is we have a little room south to move on the weekly timeframe towards weekly demand at 0.79631-0.78623, and the daily timeframe analysis is indicating higher prices before lower prices are seen, so naturally we’ve selected the best two areas we believe active sellers may be lurking to bring price south.

 

USDCAD - Our pending sell order at 1.08560 has been filled, and price at the time of writing is reacting nicely, we are expecting a move down to at least the 4hr S/R flip level at 1.08422 which is where our first take-profit level is set. We are not expecting much in the way of higher prices as trading is taking place within a weekly supply area at 1.09592-1.08133 so naturally lower prices are to be expected.

 

USDCHF - Our pending buy order set just above the 4hr decision-point level (0.90215) at 0.90233 was unfortunately not filled, as price rocketed up to the 4hr R/S flip level at 0.90891. Price is now seen trading around this area, a break above would likely see a test of 4hr supply at 0.91329-0.91141 (Where we have a pending sell order set just below at 0.91113); conversely, if sellers make an appearance here, we can expect some buying pressure to be seen around the 0.90672 area.

 

EURUSD - Pro money pushed higher than expected above the round number 1.32, clearly they wanted to take out more stops from traders attempting to fade this level and trap as many breakout buyers as they possibly could. Notice after the break occurred, a retest was seen, a lot of traders would have likely gone long there as well! This move gave pro money a lot of liquidity (buys for their sells) with this move. From here price was slammed back down into 4hr demand at 1.35599-1.31879 where buyers have once again shown a little interest around the 1.31585 level.

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