Key Levels for Wednesday – 11/6
Economic data for Wednesday
We hit a larger time frame demand zone today so I expect a nice move, but there is still plenty of supply above. For now I will just trade it from zone to zone until we break out of this basing pattern. We have already started a nice move from 93.21, so I will be looking to take profit/flip short once we reach the next area of supply.
Lots of little levels of supply since we are so close to all-time highs. As I said in my weekly outlook, try not to stand in front of this train. The 62.50-64.00 level has been tested repeatedly at this point, so a break above could see us clear out a few levels of supply above, but ultimately I believe we trade in a range while waiting for unemployment/NFP/GDP this week.
Range bound, but formed some new levels to trade against. Like I said last night, looks like we are still forming lower lows, but we also started a broadening formation by making some new highs today as well. Not much supply above, plenty of demand below.
I’ll update this if anything dramatically changes.