Thursday 31st July: Daily Technical Outlook and Review.

For the readers’ benefit:

Price action confirmation: Simply means traders will likely wait for price action to confirm a level by consuming an opposing supply or demand area, then entering a trade on a possible retracement, this may occur on the lower timeframes also.

Pending orders: means pending orders are likely seen.

EUR/USD:

4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: Price is now firmly trading within weekly demand at 1.32940-1.34847 with buyers showing very little interest at the moment.
• Daily timeframe: The daily demand area at 1.33984-1.34397 has seen a small break below no doubt triggering stops in the process. Prices may now be forced to test our daily area of interest below at 1.33559 on this timeframe, however we should expect a rally beforehand, here’s why: traders who were originally long at the aforementioned daily demand area have now likely been stopped out (if their stops were too close), these orders are now sells, pro money cannot sell into sells!!! They need buy orders to do that. So, they will likely buy into all these sell orders enticing traders to buy also, all the while pro money will be selling in small chunks to everyone buying, this could very well last all the way up to the daily D/S flip area at 1.34760-1.35265 until a sell-off is seen down to the area of interest just mentioned above.

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.

Could price just drop straight to this 4hr level of interest? Of course it could, but in our experience it is unlikely as already explained above with the daily timeframe scenario, pro money sellers cannot sell into sells! So, a reversal is likely. We have three areas of 4hr supply above that may see a reaction if price reaches there. The first being the lowest at 1.34428-1.34305 may well be the area as this was the overall place where pro money sellers made the decision to push below the aforementioned 4hr demand area. The two areas of 4hr supply above (1.34760-1.34943…1.35286-1.35211) are very interesting as these are sitting in and around a daily D/S flip area at 1.34760-1.35265, so we intend to be watching these levels carefully over the next few days.

Pending/P.A confirmation orders:

• No pending buy orders (Green line) are seen in the current market environment.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below a decision-point area (1.35286-1.35211) at 1.35194, as we believe this area to be good for a bounce at the very least, notice how this was the area pro money sellers likely made the decision to break the round number 1.35000, meaning there may very well be unfilled sell orders still there.
• Pending sell orders (Green line) are seen just below the D/S flip area (1.34760-1.34943) at 1.34753.The reasoning behind setting a pending sell order here was because this is the area we believe on this timeframe pro money sellers made the decision to push prices south into 4hr demand at 1.33984-1.34404, meaning there may well be unfilled sell orders still lurking there.
• New pending sell orders (Green line) are seen just below a decision-point area (1.34428-1.34305) at 1.34266. The reasoning behind placing a pending sell order here is because this was the likely area pro money made the decision to break below 4hr demand at 1.33984-1.34404, meaning there may well be unfilled sell orders still lurking there.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

Quick Recap:

A break below 4hr demand at 1.33984-1.34404 has been seen, the next area below where fresh buy orders are likely lurking is around the 1.32758 level. Price will not likely drop straight to this level from where price is currently trading at, a rally higher will possibly be seen. Keep an eye on these areas for bearish price action, as it could turn in to a massive R:R trade: The lowest first: 1.34266….1.34753….1.35194

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: 1.35194 (SL: 1.35319 TP: Dependent on price action approach) 1.34753 (SL: 1.35031 TP: Dependent on price approach) 1.34266 (SL: 1.34459 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.

GBP/USD:

4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: The sellers have begun to show some serious interest within weekly supply at 1.76297-1.67702, could we see a touch of weekly demand below at 1.66917-1.67939 in the next few weeks?
• Daily timeframe:  A positive close below the daily S/R flip level at 1.69712 has now been seen, price will now very likely visit the a daily R/S flip level at 1.68963, and if a break south is seen there, a test of the daily demand area at 1.67989-1.67367 could well happen.

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 (The tail marked with an arrow represents possible demand/buyer consumption, meaning the path south may be clear below to the aforementioned round number).

The heavy selling being seen in weekly supply (levels above) looks fantastic, and is nowhere near any area we can see that will stop it just yet. Even on the daily timeframe, after the break of the daily R/S flip level at 1.69712 was seen, room to the downside is visible to the next daily R/S flip level at 1.68963 (not meaning to be repetitive here!!!). With this in mind, it would make perfect sense for pro money sellers to break the aforementioned round number (another reason why we only placed a P.A confirmation order here) and push prices even further south down to a 4hr decision-point area at 1.68013-1.68585, which is conveniently located just above daily demand at 1.67989-1.67367, so do keep an eye on this area for a possible bullish reaction in the near-term future. Do remain aware though, before any of the above could happen, pro money may require liquidity, so a possible push up to the 4hr decision-point area at 1.69939-1.69663 may be seen.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the decision-point area (1.68013-1.68585) at 1.68631. Our reasoning behind placing a pending buy order here rather than a P.A confirmation buy order is simply because of this 4hr decision-point area’s location on the higher timeframes (just above daily demand at 1.67989-1.67367).
• P.A confirmation buy orders (Red line) are seen just above the round number 1.69000 at 1.69055. The reasoning behind setting this order is because we have no logical area on this timeframe for a stop-loss, and these areas are prone to some very nasty spikes, hence the need to wait for confirmation.

• Pending sell orders (Green line) are seen just below the round number 1.71000 at 1.70948. We have set a pending sell order here due to the fact we can place our stop just above the high 1.71167.
• New pending sell orders (Green line) are seen just below the decision-point area (1.69939-1.69663) at 1.69626. We have set a pending sell order here due this being the area pro money made the push below 4hr demand at 1.69512-1.69708, so there may very well be unfilled sell order left there.
• The P.A confirmation sell orders (Red line) set just below the round number 1.72 at 1.71943 has been removed since price has dropped too far from the entry level for the time being.

Quick Recap:

A break below 4hr demand at 1.69512-1.69708 has been seen, price is now free to hit at least the round number 1.69, however expect the possibility of a small rally up to the 4hr decision-point area at 1.69939-1.69663 beforehand (we have a pending sell order set just below this area at 1.69626).

• Areas to watch for buy orders: P.O: 1.68631 (SL: 1.67932 TP: Dependent on price approach).P.A.C: 1.69055 (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: 1.70948 (SL 1.71211 TP: Dependent on price approach) 1.69626 (SL: 1.70063 TP: Dependent on price approach).  P.A.C: No P.A confirmation sell orders are seen in the current market environment.

AUD/USD:

4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: The weekly timeframe is still depicting consolidating price action with the upper limits being seen at 0.94600 and the lower at 0.92046. Price is seen trading predominantly around the aforementioned upper limits at the moment.
• Daily timeframe: Buyers and sellers have been trading within a medium-term range on the daily timeframe with daily supply being seen above at 0.95425-0.94852 and a low below at 0.93208.

There was clearly still a lot of selling pressure around the 0.94153 area as price plummeted through the 4hr demand area at 0.93795-0.93945.

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.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set just above a decision point area (0.93795-0.93945) at 0.93967 has been stopped out.
• New pending buy orders (Green line) are seen just above the decision-point area (0.93348-0.93500) at 0.93517. This area could well see a reaction due to its location; it is neatly placed around the lower limits of the medium-term daily range at 0.93208.
• 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.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

Quick Recap:

We have been stopped out on our long position at 0.93967, as price shot through the 4hr demand area at 0.93795-0.93945. If a break is seen below the 0.93649 level, expect the 4hr decision-point area at 0.93348-0.93500 to be tested (we have a pending buy order set just above at 0.93517).

• Areas to watch for buy orders: P.O: 0.93517 (SL: 0.93260 TP: Dependent on price approach).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)P.A.C: No P.A confirmation sell orders seen in the current market environment.

USD/JPY:

4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: Buyers are currently pushing prices up hard from the long-term weekly R/S flip level at 101.206, which has been providing support to the market now since the 3rd of February 2014.
• Daily timeframe: Price has very nearly pushed above the daily supply area at 101.962-102.257, if we see a break above; it would likely confirm buying strength from the aforementioned weekly R/S flip level, and this would then possibly see prices testing the daily resistance above at 102.713.

The buyers have really been on fire! A break of the round number 102 and the 4hr supply area at 102.191-102.104 has been seen. A wick that formed on 3/7/14 made a high of 102.257 potentially cleared the majority of the sellers around the high 102.157.

The green arc is simply placed on the chart to help show how pro money likely consumed sellers as price was dropping, take a look at all those wicks! Now with that in mind, price could very well punch straight through this area right? It could very do that if there was not a visible area of 4hr supply at 102.584-102.505 seen within. This area could have active sell orders still sitting there, so do note this area down. From where price is trading at right now, we could see a push right on up to the aforementioned 4hr supply area, but what if the big guys have not enough sell orders to buy into? Then a reversal will have to take place, this will fool a lot of the traders on the lower timeframes that price is heading south and sell orders will be pumped into the market, and of course pro money will gobble these orders up bit by bit down to at least the 4hr decision-point area at 102.027-102.080 where buy orders may overcome the sell orders and price will rally to the 4hr supply area (levels above) where selling pressure is expected.

Pending/P.A confirmation orders:

• The Pending buy order (Green line) set just above the decision-point area (101.187-101.276) at 101.292 has been removed since price rallied too far from the entry level for the time being.
• The pending buy order (Green line) set above the decision-point level (101.754) at 101.797 has been removed due to price not doing what we expected, thus making this trade invalid.
• New pending buy orders (Green line) are seen just above the decision-point level (102.027-102.080) at 102.100. We have set a pending buy order here since this is the most obvious place pro money will bring prices down to, to collect liquidity.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below supply (103.294-102.983) at 102.953. A pending sell order was set here due to this being an area where likely unfilled sell orders are.
• New P.A confirmation sell orders (Red line) are seen just below supply (102.584-102.505) at 102.485. The reason we have set a P.A confirmation sell order here is because this is the only trouble area within a zone full of consumed sell orders, so we have to tread carefully here.
• The P.A confirmation sell order (Red line) set just below supply (102-191-102.104) at 102.074has been removed as price traded through our entry level.

Quick Recap:

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.

However, this is definitely not to say price will not shoot straight up to the aforementioned 4hr supply area with any retracement being seen.

• Areas to watch for buy orders: P.O: 102.100 (SL: 101.971 TP: Dependent on price approach).P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: 102.953 (SL: 103.317 TP: Dependent on price approach)P.A.C: 102.485 (SL:  likely will be set at 102.617 TP: Dependent on approaching price action after the level has been confirmed).

EURGBP :

4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: Current price action is seen trading just above weekly demand at 0.79631-0.78623. As we see it, price still has room to drop further into the weekly demand area due to there being possible consumed demand area to the far left.
• Daily timeframe: A break south has been seen below daily demand at 0.78862-0.79206, price should be relatively free now to hit the next daily demand area below at 0.78117-0.78533, however, expect the possibility that price may rally to the 0.79751 area before hitting the aforementioned daily demand below, as pro money may require liquidity to drop price in the form of buy orders to sell into (Buyers were no doubt stopped out around the daily demand area at 0.78862-0.79206, these orders were sell orders, and were definitely no good for selling into! So, pro money would likely buy into them, pushing prices higher to entice other buyers to join, once they do, they would begin selling, hence the reason a sell-off is still expected into the aforementioned weekly demand area).

This pair has not seen much action recently, certainly not as much as the other pairs just analyzed! As a result our last analysis of this pair still holds very true and serves as a good reminder:

It was reported in the last analysis the following is likely to happen:

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 (for details, see above). 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.

We will now be watching the following levels very carefully for a bearish reaction: 4hr S/R flip level at 0.79358, and 4hr supply above at 0.79795-0.79684.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above demand (0.78602-0.78320) at 0.78641. The reasoning behind setting a pending buy order here is due to its current location on the higher timeframes. Our 4hr demand area is just above daily demand at 0.78117-0.78533 and also just within the upper area of weekly demand at 0.76931-0.78623.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below the supply area (0.79795-0.79684) at 0.79651. The reason for a pending sell order being set here, rather than a P.A confirmation sell order was because this area looks very hot for a first-time reaction. Notice how price faked above the S/R flip level at 0.79679 then dropped back down, there is very likely unfilled sell orders still lurking around this area, hence the need for a pending sell order.
• P.A confirmation sell orders (Red line) are seen just below the 4hr S/R flip level at 0.79358 at 0.79293. We have set a P.A confirmation sell order because price could very well smash straight through this level up to the 4hr supply area at 0.79795-0.79684 which is beautifully located around the daily S/R flip level at 0.79751.

Quick Recap:

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.

• Areas to watch for buy orders: P.O: 0.78641 (SL: 0.78288 TP: Dependent on price approach)P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: 0.79651 (SL: 0.79828 TP: Dependent on price approach)P.A.C: 0.79293 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

USD/CAD:

4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: A strong push into weekly supply at 1.09592-1.08133 has been seen. Price still remains capped between the aforementioned weekly supply area and weekly demand below at 1.05715-1.07008. If we see a break of the weekly supply area, things will start to get very interesting as we believe the profit potential to the upside is huge.
• Daily timeframe: A strong break above the daily S/R flip level at 1.08277 recently happened. Price appears relatively free now to hit the daily supply area at 1.09592-1.09156. However before this happens we must be prepared for a possible retracement down to at least the minor daily R/S flip level at 1.07932. This is because pro money may not have the required liquidity where price is currently seen trading at (willing sellers to accommodate their huge buy orders).

It was reported that once or if price breaks the 4hr decision-point area at 1.08250-1.08123, price would likely test the minor 4hr S/R flip level at 1.08422, as we can see it smashed straight through this level!

Price is currently seen trading around the 4hr resistance level at 1.08696, and this is the area we said we would begin looking to short the market at, hence the pending sell order at 1.08650 as we have to remember we are very deep within weekly supply (levels above) at the moment.

Granted, price may push up to the round number 1.09000, but we believe doubtful as we are expecting a push south to at least the 4hr S/R flip level at 1.08422 due to our current higher-timeframe location (see above, daily and weekly).

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the decision-point area (1.07546-1.07680) at 1.07706. We have set a pending buy order here as this remains an important area where pro money buyers likely made the decision to break the round number above at 1.08000. We are not expecting a massive reaction here, more a small bounce which we will quickly take advantage of, as we are fully aware that we’re currently trading around higher-timeframe supply at the moment (Weekly: 1.09592-1.08133).
• P.A confirmation buy orders (Red line) are seen just above the round number 1.07000 at 1.07047. The reason a P.A confirmation buy order was set here is simply because a pending buy order would be too risky as (on this timeframe) there is no logical area for a stop loss order to be placed.

• The pending sell order (Green line) set just below 4hr resistance (1.08696) at 1.08650 is now active, so do keep an eye on our first take-profit level set at 1.08422.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

Quick Recap:

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.

• Areas to watch for buy orders: P.O: 1.07706 (SL: 1.07514 TP: Dependent on price approach)P.A.C: 1.07047 (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: 1.08650 (Active) (SL: 1.09029 TP: [1] 1.08422 [2]1.08250 [3] 1.07706). P.A.C: No P.A confirmation sell orders seen within the current market environment.

USD/CHF:

4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: Price broke the mundane range that formed above weekly demand at 0.85664-0.88124; as a result price has just hit an important weekly decision-point level at 0.90927.
• Daily timeframe: Price has hit daily supply at 0.91556-0.90985 as reported may happen. Price is now capped between this daily supply and (what is now) a daily S/D flip area at 0.90372-0.90042. A break of either area will give us a lot of information regarding possible direction.

Some serious buying action has been recently seen on this pair, we was not sure if price would give us a long entry around the 4hr decision-point level at 0.90215, and it did not! Instead, price shot straight up to a 4hr R/S flip level at 0.90891 with little trouble being caused by the sellers.

Price is not really depicting much bearish action around the aforementioned 4hr R/S flip level and round number 0.91, a break above here could see prices testing a 4hr supply at 0.91329-0.91141 which is located deep within daily supply (for the levels, see above). If a move south does take place from here, expect active buyers to come into the market around the 0.90672 area, as this is where pro money buy orders were likely accumulated for the push higher.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set just above the round number 0.90000 at 0.90018 has been removed since price has rallied too far from the entry for the time being.
• The pending buy order (Green line) set just above the decision-point level (0.89540-0.89614) at 0.89624 has now been removed since price has rallied too far from the entry for the being.
• Pending buy orders (Green line) are seen just above the decision-point level (0.90215) at 0.90233. The reasoning behind placing a pending buy order here is simply because this is the area on the 4hr timeframe where pro money buyers likely made the decision to break above the 4hr supply area at 0.90372-0.90148, hence the possibility there may still be unfilled buy orders lurking around this level.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• The pending sell order (Green line) set just below an R/S flip level (0.90891) at 0.90854 is now active, so do keep an eye on our first take-profit level set at 0.90672.
• New pending sell orders (Green line) are seen just below the 4hr supply area (0.91329-0.91141) at 0.91113. The reason we have placed an order such as this is due its higher-timeframe location (Daily supply 0.91156-0.90985).
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

Quick Recap:

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.

• Areas to watch for buy orders: P.O: 0.90233 (SL: 0.90117 TP: Dependent on price approach).P.A.C: No P.A confirmation buy orders seen in the current market environment.

• Areas to watch for sell orders: P.O: 0.90854 (SL: 0.91072 TP: Dependent on price approach) 0.91113 (SL: 0.91359 TP: Dependent on price approach). P.A.C No P.A confirmation sell orders seen in the current market environment.

XAU/USD (GOLD)

4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe:  Price remains capped between weekly supply at 1391.97-1328.04 and a nice-looking weekly decision-point level below at 1244.08. At the moment, the sellers appear in control, which should be the case really, as price has just recently traded out of the aforementioned weekly supply area.
• Daily timeframe:  Price remains capped between the ignored daily decision-point level at 1292.52 and a daily decision-point level above at 1318.96. Buyers and sellers are currently battling it out around the lower limit of where price is capped, a break below would likely see price testing the long-term daily S/R flip level at 1277.36.

Price has dropped down to the ignored decision-point level at 1292.52 as reported may happen in the last analysis. It is likely higher prices will be seen from here as the candle that formed a high of 1312.07 on 29/07/14 likely cleared most of the sellers around the high marked with a circle at 1311.12, essentially meaning price is now relatively free to trade higher up to at least the 4hr R/S flip level at 1323.04

Our reasoning behind price being able to reach this high is because of the trading action to the left above the high 1311.12. The small trendline is not there to depict a trend as such, it is more to show how pro money likely consumed the sellers as price was declining, thus very likely clearing the path north for the buyers.

Pending/P.A confirmation orders:

• The pending buy order (Green line) set just above the ignored decision-point level at 1292.52 at 1293.77 is now active. Our first take-profit level was hit late Friday at 1304.77, so do keep an eye out for our second and final take-profit level set at 1323.04.
• P.A confirmation buy orders (Red line) are seen just above the S/D flip area (1284.77-1280.53) at 1285.71. We have set a P.A confirmation buy order here simply because we could not find a logical area for the stop-loss order, so to avoid any deep spikes; we have decided to wait for confirmation.

• No pending sell orders (Green line) are seen in the current market environment.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

Quick Recap:

Price has traded above the high marked with a circle at 1311.12 which essentially cleared the majority of the sellers around this area. Price is now seen trading around the ignored decision-point level at 1292.52 which was expected to happen. A rally from here up to the 4hr R/S flip level at 1323.04 should be seen soon as it is likely there is little selling opposition left in the market up to that area.

• Areas to watch for buy orders: P.O: 1293.77 (Active) (SL: 1286.75 TP: [1] 1304.77 [2] 1323.04).P.A.C: 1285.71 (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: No pending sell orders seen in the current market environment. P.A.C: No P.A confirmation sell orders seen in the current market environment.