The current pricing action is at a support level on the weekly and daily timeframes. The short term outlook is neutral to bearish given resistance at supply zones on the 4HR and 1HR charts. Price needs to sustain above 106.20 level for bullish momentum to resume.
Weekly Timeframe
The current price of 98.10 is within the Demand Zone 1 of 79.50-63.67. This is a good support area. If price breaks below this zone, then the next support would be the 0.618 fibonacci level of 56.08. On the upside, resistance lies at Resistance Zone 1 of 135.22-121.27 and Supply Zone 1 of 204.75-168.49. Bulls need to push price above Supply Zone 1 to regain more upside momentum.
Fibonacci Retracement Levels
0.382 | 82.86 |
0.50 | 69.47 |
0.618 | 56.08 |
0.786 | 37.06 |
0.882 | 26.14 |
Support/ Resistance Zone
S/R Type | High | Low |
Support Zone #1 | 48.64 | 26.77 |
Resistance Zone #1 | 135.22 | 121.27 |
Supply Zone
Zone Number | High | Low |
Supply Zone #1 | 204.75 | 168.49 |
Demand Zone
Zone Number | High | Low |
Demand Zone #1 | 79.50 | 63.67 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
Bullish FVG #1 | 85.00 | 79.50 |
Bearish FVG #1 | 167.67 | 157.80 |
Daily Timeframe
Price is currently testing Demand Zone 2 of 76.37-67.00. This is a strong support area. If support holds, we could see price move upwards to test Supply Zone 1 of 143.51-125.82. Upside targets are the 0.382 and 0.50 fibonacci levels of 102.48 and 95.12 respectively. Downside risks arise if price closes below Demand Zone 2.
Fibonacci Retracement Levels
0.382 | 102.48 |
0.50 | 95.12 |
0.618 | 87.60 |
0.786 | 77.16 |
0.882 | 71.02 |
Supply Zone
Zone Number | High | Low |
Supply Zone #1 | 143.51 | 125.82 |
Demand Zone
Zone Number | High | Low |
Demand Zone #1 | 84.14 | 81.03 |
Demand Zone #2 | 76.37 | 67.00 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
Bullish FVG #1 | 81.03 | 76.37 |
4 Hour Timeframe
The current price is facing resistance at Supply Zone 1 of 109.90-106.48. If resisted, we could see price retrace back down to test the 0.618 fib level of 104.82. Downward targets are Bearish FVG 1 and 2 at 107.09-103.47 and 112.55-110.48 respectively. Break above Supply Zone 1 opens up upside towards the 0.786 fib level of 110.15.
Fibonacci Retracement Levels
0.382 | 97.26 |
0.50 | 101.01 |
0.618 | 104.82 |
0.786 | 110.15 |
0.882 | 113.20 |
Supply Zone
Zone Number | High | Low |
Supply Zone #1 | 109.90 | 106.48 |
Supply Zone #2 | 116.95 | 112.55 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
Bearish FVG #1 | 107.09 | 103.47 |
Bearish FVG #2 | 112.55 | 110.48 |
1 Hour Timeframe
Price is currently testing Supply Zone 1 of 109.38-108.17. Break above this zone targets the 0.618 fib level of 100.37. Downside support is at Bearish FVG 1 of 106.20-103.47. A breakdown below this level risks further downside.
Fibonacci Retracement Levels
0.382 | 94.47 |
0.50 | 97.49 |
0.618 | 100.37 |
0.786 | 104.54 |
0.882 | 106.98 |
Supply Zone
Zone Number | High | Low |
Supply Zone #1 | 109.38 | 108.17 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
Bearish FVG #1 | 106.20 | 103.47 |