Weekly Timeframe: The weekly timeframe shows that further selling is currently being seen out of a major weekly supply area at 110.652-108.123. Assuming this selling activity continues, we can likely expect prices to trade down to at least the weekly resistance flip level coming in at 105.432.
Daily Timeframe: It appears with the recent selling interest being shown on the weekly timeframe; the daily decision-point demand area at 106.799-107.383 has been consumed. With this in mind, there will likely be a rally in price now, since a lot of buyers have potentially been stopped out, and once stopped, their orders become sells – perfect for well-funded traders to buy into (liquidity offering).
4hr Timeframe: As we can all see, the combined 4hr demand/round-number area at 106.799-107.048/107 has obviously been consumed as well, since this level sits deep within the daily decision-point demand area mentioned above at 106.799-107.383.
As already mentioned on the daily timeframe, we are expecting price to rally, however with price aggressively trading out of a weekly supply area at the moment, we feel it is unlikely price will be able to break above the sturdy-looking 4hr supply area coming in at 107.563-107.273. In fact, there are very likely active sell orders set just below at 107.224, which could make this a nice area to sell at!
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 107.224 (Predicative stop-loss orders seen at: 107.603).
Daily Timeframe: It appears with the recent selling interest being shown on the weekly timeframe; the daily decision-point demand area at 106.799-107.383 has been consumed. With this in mind, there will likely be a rally in price now, since a lot of buyers have potentially been stopped out, and once stopped, their orders become sells – perfect for well-funded traders to buy into (liquidity offering).
4hr Timeframe: As we can all see, the combined 4hr demand/round-number area at 106.799-107.048/107 has obviously been consumed as well, since this level sits deep within the daily decision-point demand area mentioned above at 106.799-107.383.
As already mentioned on the daily timeframe, we are expecting price to rally, however with price aggressively trading out of a weekly supply area at the moment, we feel it is unlikely price will be able to break above the sturdy-looking 4hr supply area coming in at 107.563-107.273. In fact, there are very likely active sell orders set just below at 107.224, which could make this a nice area to sell at!
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 107.224 (Predicative stop-loss orders seen at: 107.603).
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