Looking to short H4 supply at 112.19-111.75...
As expected, the 111 handle failed to provide resistance on Monday, consequently opening up the path north to H4 supply at 112.19-111.75.
Apart from weekly price, which is seen trading from a support area coming in at 105.19-107.54, daily and H4 price show there’s a possibility for a pullback today/this week. On the daily timeframe, we have a nearby resistances planted at 111.91/61.8% daily Fib at 111.77. Alongside this, H4 price highlights the supply mentioned above at 112.19-111.75, which holds July’s opening level at 112.09, the 112 handle and the above said daily resistances within. This – coupled with the USDX weekly chart trading beneath resistance at 11854, makes the H4 supply a very interesting area indeed.
Suggestions: Keeping it simple this morning, we have set a pending sell order around the underside of H4 supply at 111.75 and a stop-loss order two pips beyond the area at 112.21. Assuming the order fills today, we’ll be eyeing the 111 handle as an initial take-profit target.
Data points to consider: US Housing figures at 1.30pm GMT+1.
Apart from weekly price, which is seen trading from a support area coming in at 105.19-107.54, daily and H4 price show there’s a possibility for a pullback today/this week. On the daily timeframe, we have a nearby resistances planted at 111.91/61.8% daily Fib at 111.77. Alongside this, H4 price highlights the supply mentioned above at 112.19-111.75, which holds July’s opening level at 112.09, the 112 handle and the above said daily resistances within. This – coupled with the USDX weekly chart trading beneath resistance at 11854, makes the H4 supply a very interesting area indeed.
Suggestions: Keeping it simple this morning, we have set a pending sell order around the underside of H4 supply at 111.75 and a stop-loss order two pips beyond the area at 112.21. Assuming the order fills today, we’ll be eyeing the 111 handle as an initial take-profit target.
Data points to consider: US Housing figures at 1.30pm GMT+1.
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