Wednesday 30th 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.
• Daily timeframe: The daily demand area at 1.33984-1.34397 is now active and being tested. Price is now capped between the aforementioned daily demand area and the daily D/S flip area above at 1.34760-1.35265. If we see a break south of the aforementioned daily demand area, prices may be forced to test our daily area of interest below at 1.33559.

There is only one word to describe this pair at the moment, and that is BORING. Since the open, price has been consolidating with temporary upper limits being seen above at 1.34428 and the lower at 1.34258. Today’s action has a lot more high-impacting news announcements due out, so we should see some developments.

It is getting very repetitive, but our initial in-depth weekly analysis still holds true:

Granted we are in higher-timeframe demand (Weekly: 1.32940-1.34847 Daily: 1.33984-1.34397), but it appears at the time of writing the buyers are showing very little interest. On the 4hr timeframe, if we see a break below the 4hr demand area at 1.33984-1.34404 and the round number 1.34, price could drop, and drop hard. Take a look to the far left under the aforementioned 4hr demand area, we see consumed demand, the spikes down were no doubt sent to consume buyers on the initial rally north, and this means the path south is now very likely clear.

The only area we can see that has likely fresh buy orders waiting is around 4hr demand below at 1.31037-1.31278. Remember our higher-timeframe analysis? This small 4hr demand area is located in a whopping weekly demand area at 1.31037-1.32262 and also within daily demand at 1.31037-1.31755, so please do note this 4hr demand area down, as we may see a huge bullish reaction from here sometime soon

Quick Recap:

Much the same as the last analysis, if a break south is seen of the 4hr demand area at 1.33984-1.34404 (where price is currently trading at); this could be the first signs of a big decline in the market to around 4hr demand below at 1.31037-1.31278. Price is currently capped between the aforementioned 4hr demand area and the 4hr D/S flip area above at 1.34760-1.34943.

• 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). 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:  Price is currently seen trading around a daily S/R flip level at 1.69712; no decision has been made to trade north or south that we can see at the moment. Price remains capped between the aforementioned daily S/R flip level and a daily S/R flip level just above at 1.70597,  if we do see a break below (1.69712), price will likely visit the daily demand area at 1.67989-1.67367.

The pound has not exactly been very exciting so far this week. We’ve seen a small push north up to the round number 1.7 which reacted nearly to the pip, and ever since then the sellers have taken overall control. Very much like the Euro above, this pair is also consolidating (These two pairs are usually highly correlated, so this does make sense) with the upper limits around the round number 1.7 and the lower at 1.69599.

We are still favoring a break of the 4hr demand area at 1.69512-1.69708 which would in all likelihood push prices down to at least the round number 1.69. Our reasoning behind thinking this is due to the heavy selling currently being seen in a major weekly supply area (see above for the levels) at the moment. The tail marked with an arrow represents possible demand/buyer consumption, meaning the path south may be clear below to the aforementioned round number.  In addition to this, 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.

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.

• 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.
• P.A confirmation sell orders (Red line) are seen just below the round number 1.72000 at 1.71943. We have placed a P.A confirmation sell order here simply because these psychological levels are prone to deep tests/spikes, so sometimes it is better to wait for that all important confirmation.

Quick Recap:

Even with the slow-moving price action currently being seen, we still however favor a drop below the 4hr demand area at 1.69512-1.69708 down to at least the round number 1.69 where we currently have a P.A confirmation buy order set at 1.69055. In addition, we would not be surprised to see the aforementioned round number level broken south and price trade down to a 4hr decision-point area at 1.68013-1.68585 (where we currently have a pending buy order set just above at 1.68631) due to its higher timeframe location (above daily demand at 1.67989-1.67367). Today’s action should be a little more exciting since there’s a lot more high-impacting news due.

• 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).  P.A.C: 1.71943 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

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.

It was reported in the last analysis that if a break above the round number 0.94 was seen, price would essentially be free to hit the 4hr decision-point level above at 0.94408 since supply was likely consumed already by the two wicks marked with arrows.

Clearly there was supply still left before the aforementioned 4hr decision-point level, and price has now slammed back down into 4hr demand at 0.93795-0.93945.  All is not lost though, this small rally we have just seen may have cleared out the remaining sell orders left between where price is trading now up to the 4hr decision-point level at 0.94408. With a lot more news due out today, we should see more buyers coming into the market pushing price further north. So, our short-term bias north remains the same.

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 is now active, so do keep an eye out for a first take-profit level to be hit at 0.94408.
• 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:

A rally out of the 4hr demand area at 0.93795-0.93945 was seen, we were however expecting price to move relatively freely up to at least the 4hr decision-point level at 0.94408, but there was clearly selling opposition still in the way. This recent rally in price may have consumed the last of the major sell orders between the aforementioned 4hr demand area and decision-point level above, so essentially, with higher-impacting news due out today our active buy order set at 0.93967 should be sitting nicely in the green on its way to the first target at 0.94408.

• Areas to watch for buy orders: P.O: 0.93967 (Active) (SL: 0.93773 TP: [1] 0.94408 [2] 0.95000).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: A long-term weekly R/S flip level at 101.206 has been providing support to the market now since the 3rd of February 2014, so this is definitely a level worth watching.
• Daily timeframe: Current trading action is taking place just below a daily supply area at 101.962-102.257, if we see a break above this area; it would likely confirm buying strength from the aforementioned weekly R/S flip level.

A break above the 101.902 level was seen and price reached the round number area 102 relatively stress free, as reported may happen in the last analysis.

Price is currently seen trading between the aforementioned round number 102 and a 4hr decision-point level below at 101.754, where could price be likely headed next???? Well, considering the weekly timeframe shows buying pressure being seen off of a long-term weekly R/S level (see above for levels); we certainly are expecting higher prices yet to come.  There is one snag here, and this is the main reason we closed our long position so quickly (101.772), price has now hit daily supply (levels above). We know the higher timeframes usually overrules, but this does not mean a small bearish reversal may not be seen. So, taking all of the above into consideration, the most likely scenario in our opinion could well be a push south back down to the 4hr decision-point level at 101.754, and then to follow a bigger push higher. However, a decline may not be seen straight away, pro money may require liquidity to do this (buy orders). So expect the round number to get faked above, this will stop out any traders attempting to fade the level and also trap any breakout buyers, thus giving pro money the much needed liquidly to sell price back down to the aforementioned 4hr decision-point level.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the decision-point area (101.187-101.276) at 101.292. The reason a pending buy order has been set here is because this remains an important area as this is the likely where pro money buyers made the ‘decision’ to push prices higher above the D/S flip area at 101.400-101.465, making this zone a magnet for a first-time reaction.
• The pending buy order (Green line) set just above the decision-point level (101.754) at 101.772has now been closed. Our take-profit level was set around the 102 area and was nicely hit, so we took full profit.
• New pending buy orders (Green line) are seen above the decision-point level (101.754) at 101.797. Our reasoning behind placing a buy order here is because we expect a small drop down to this area before higher prices are seen as we are currently trading off of a huge weekly R/S flip level at 101.206.
• 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.
• P.A confirmation sell orders (Red line) are seen just below supply (102-191-102.104) at 102.074. A P.A confirmation sell order was used here purely for the simple fact we are trading around a higher-timeframe weekly support level at 101.206 meaning we may see a small reaction, but nothing to write home about, hence the need for confirmation!

Quick Recap:

Our active buy order at 101.722 has now been closed in full profit as price reached its destination (102). Taking into consideration that price is currently trading off of a weekly R/S flip level, higher prices are to be expected. However price is currently trading at a daily supply area at 101.962-102.257, so we expect a small bearish reaction here. We believe price will fake above the round number 102 first before declining to the 4hr decision-point level at 101.754 (where we have a pending buy order set at 101.797), from here it is likely some big buyers will come into the market and push prices higher.

• Areas to watch for buy orders: P.O: 101.292 (SL: 101.166 TP: Dependent on price approach)101.772 (Trade closed in full profit) (SL: 101.686 TP: 102.000) 101.797 SL: 101.682 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: 102.074 (SL:  likely will be set at 102.214 TP: Dependent on approaching price action after the level has been confirmed).

EUR/GBP:

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).

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:

A rally north has been seen from the 4hr demand area at 0.78862-0.79048, it is likely price will either react at 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 up to weekly supply at 1.09592-1.08133 was 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: Price is now seen trading around  an obvious daily S/R flip level at 1.08277, and to anyone who does not follow above the daily timeframe, all this is, is the area around the base of the aforementioned weekly supply area above. A break above this daily S/R flip level could see prices testing the upper daily supply area at 1.09592-1.09156, which is of course very deep within weekly supply.

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).

If price does indeed break above the aforementioned 4hr decision-point area, we will likely see a test of a minor 4hr S/R flip level just above at 1.08422, or if the buyers feel really strong, a push could be seen up to a 4hr resistance level at 1.08696 consequently seeing price trade deeper into the aforementioned weekly supply area. Once or indeed if price does get up as high as the 1.08696 area, we will naturally be looking for short positions.

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 Daily S/R flip level: 1.08277).
• 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.

• New pending sell orders (Green line) are seen just below 4hr resistance (1.08696) at 1.08650. Our reasoning behind setting a pending sell order here is simple; price would be trading within weekly supply at 1.09592-1.08133.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

Quick Recap:

With price appearing like it is going to break above the 4hr decision-point level at 1.08250-1.08123, a likely test of the minor 4hr S/R flip level at 1.08422 may happen, or if the buyers have the strength, a push up to 4hr resistance at 1.08696 (we currently have a pending sell order set just below at 1.08650) may well be seen. Traders will do well to remember we are currently trading around weekly supply at 1.09592-1.08133, so any long positions must be carefully monitored!

• 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 (SL: 1.09029 TP: Dependent on price approach).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. If the buying pressure continues, we will very likely see price hit an important weekly decision-point level at 0.90927.
• Daily timeframe: A break above daily supply at 0.90372-0.90042 was recently seen. It is very likely that the sellers are now consumed around the aforementioned daily supply area, thus clearing the path up to around the next daily supply area at 0.91556-0.90985.  There is very little to left that we can see that will cause a problem to price if the buyers wanted to push it up that far. Notice the wicks seen in between these two areas? These wicks likely indicate supply consumption which makes the possibility of higher prices even stronger, but if pro money does not have the required liquidity, in this case sell orders to buy into, they will have to reverse price. We can see two obvious areas where they may reverse price to, a small daily demand area at 0.89973-0.89311 or the daily S/R flip level at 0.88608 below.

Some mean-looking bullish action has been recently seen, with the buyers showing no signs of stopping yet. It was expected that a reversal down to at least the 4hr decision-point level at 0.90215 before higher prices were seen may happen.

As pointed out on the chart there is very little to the far left on this timeframe we can see that will likely cause problems to the buyers from reaching the 4hr R/S flip level at 0.90891 since the majority of the supply appears to be consumed (take a look at all those wicks consuming sellers as price was dropping).

It will be very interesting to see what happens next, as we have both buy order set at the aforementioned 4hr decision-point level at 0.90233 below, and also sell order set just below the aforementioned 4hr R/S flip level at 0.90854.

Pending/P.A confirmation orders:

• Pending buy orders (Green line) are seen just above the round number 0.90000 at 0.90018. We would not normally set a pending buy order around a round number level such as this; however the first retest seen of this level gives us confidence to place an order such as this.
• Pending buy orders (Green line) are seen just above the decision-point level (0.89540-0.89614) at 0.89624. A pending buy order was placed here because this area remains an important decision-point area where the buyers ‘decided’ to trade above multiple highs to the left.
• 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.

• New pending sell orders (Green line) are seen just below an R/S flip level (0.90891) at 0.90854. The reasoning behind setting a pending sell order here is simply because this level sits just below a nice-looking weekly decision-point level at 0.90927.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

Quick Recap:

A strong push north has been seen, which was honestly unexpected. Price can now do one of two things: 1. Shoot straight up to the 4hr R/S flip level at 0.90891, or 2. Decline in value to a possible 4hr decision-point level at 0.90215 before hitting the aforementioned 4hr R/S flip level.

We have pending orders set at each of these levels (Buy: 0.90233 Sell: 0.90854).

• Areas to watch for buy orders: P.O: 0.89624 (SL: 0.89523 TP: Dependent on price approach) 0.90018 (SL: 0.89928 TP: Dependent on price approach) 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).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: Selling pressure has begun to weaken out of weekly supply at 1391.97-1328.04 with two relatively long tails being seen indicating buying interest. Price is currently capped between the aforementioned weekly supply area and a nice-looking weekly decision-point level below at 1244.08.
• Daily timeframe:  Current trading action is seen between the ignored daily decision-point level at 1292.52 and a daily decision-point level above at 1318.96.  A break above would likely force price to test a nice-looking daily supply area at 1344.91-1333.55, conversely, a break below would likely see price testing a long-term daily S/R flip level at 1277.36.

A jump in price has recently been seen making a high of 1310.49. The buyers were not strong enough to push above the high marked with a circle at 1311.07. Following this, the sellers are currently seen slamming price down past both the 4hr S/R flip levels (1304.77/1301.16).

Although price did not close above the high at 1311.07, it came pretty darn close! So, price selling hard like this could be the remnants of consuming a load of sellers around this area, thus further clearing the path north. It is likely another test of the ignored-decision-point level at 1292.52 below will be tested before another rally higher is seen.

Here is a snippet from the last analysis as to why we believe once the high 1311.07 is cleared of sellers, price is clear north up to the 4hr R/S flip level at 1323.04: Our reasoning behind thinking this is because of price action to the left. 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 in the future.

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 did not close above the high at 1311.07 but it came very close! So, price selling hard like this could be the remnants of consuming a load of sellers around this area, thus further clearing the path north. It is likely another test of the ignored-decision-point level at 1292.52 below will be tested before another rally higher is seen. We still fully expect price to reach the 4hr R/S flip level above at 1323.04 sometime soon.

• 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.