1259.7 looks tasty for longs...
Weekly price recently entered the weekly demand base at 1251.7-1269.3 and is seen shaking hands with a weekly channel support etched from the low 1122.8. The ascending channel formation has been in motion for quite some time and on each occasion the limits have been challenged, it held beautifully. Therefore, history may repeat itself here.
The daily candles are also seen interacting with a daily demand base drawn from 1251.7-1265.2, which is not only positioned within the lower limits of the weekly demand mentioned above, it also houses a 61.8% daily Fib support at 1263.3.
Looking over to the H4 timeframe, August/November’s opening levels at 1269.3/1269.9 were chewed up amid yesterday’s selloff, as the USDX (US dollar index) printed fresh weekly highs. As can be seen from the chart, price only began finding refuge after bottoming around the 1260.7 region.
Direction: With a clear H4 AB=CD (black arrows) 161.8% ext. point nearby at 1259.7, this could be an ideal location to look for buying opportunities considering that its bolstered by both a weekly/daily demand and a weekly channel support! Just beyond the H4 AB=CD completion point, there’s also another layer of support at 1254.3: a H4 Quasimodo support formed back in early August (not seen on the screen).
Areas worthy of attention:
Supports: H4 AB=CD 161.8% ext. point nearby at 1259.7; H4 Quasimodo support at 1254.3; daily demand at 1251.7-1265.2; weekly demand at 1251.7-1269.3; weekly channel support extended from the low 1122.8.
Resistances: August/November’s opening levels seen on the H4 timeframe at 1269.3/1269.9.
The daily candles are also seen interacting with a daily demand base drawn from 1251.7-1265.2, which is not only positioned within the lower limits of the weekly demand mentioned above, it also houses a 61.8% daily Fib support at 1263.3.
Looking over to the H4 timeframe, August/November’s opening levels at 1269.3/1269.9 were chewed up amid yesterday’s selloff, as the USDX (US dollar index) printed fresh weekly highs. As can be seen from the chart, price only began finding refuge after bottoming around the 1260.7 region.
Direction: With a clear H4 AB=CD (black arrows) 161.8% ext. point nearby at 1259.7, this could be an ideal location to look for buying opportunities considering that its bolstered by both a weekly/daily demand and a weekly channel support! Just beyond the H4 AB=CD completion point, there’s also another layer of support at 1254.3: a H4 Quasimodo support formed back in early August (not seen on the screen).
Areas worthy of attention:
Supports: H4 AB=CD 161.8% ext. point nearby at 1259.7; H4 Quasimodo support at 1254.3; daily demand at 1251.7-1265.2; weekly demand at 1251.7-1269.3; weekly channel support extended from the low 1122.8.
Resistances: August/November’s opening levels seen on the H4 timeframe at 1269.3/1269.9.
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