For those who read previous reports, you may recall that we highlighted 113.71/113.65 as a potential . As these two levels are drawn within the current daily sited at 113.91-113.45, and knowing that this daily supply is bolstered by a weekly supply fixed at 115.50-113.85, it was not surprising to see the H4 base hold firm for second time.
• Long: It’d be very risky to buy into current structure, despite the latest swing north!
• Short: Well done to those already short from 113.71/113.65. Most have likely placed stops above the current daily supply at 113.93. Given that H4 demand appears incredibly consumed beneath current price (check out the H4 buying tails marked with a green arc), traders may want to consider holding out for the 113 handle and quite possibly the daily demand base seen at 111.99-112.57 (positioned nearby December/October’s opening levels on the H4 timeframe at 112.58/112.64).
Data points to consider: US CPI figures at 1.30pm; FOMC interest-rate decision, economic projections and statement at 7pm; FOMC press conference at 7.30pm; FOMC member Brainard speaks at 11pm GMT .
Areas worthy of attention:
Supports: 113 handle; 111.99-112.57.
Resistances: 113.65; 113.71; 114 handle; 113.91-113.45; 115.50-113.85.