W1 price is on bearish market condition with the local uptrend as the bear market rally which was started last week:
- The price is breaking 0.7258 resistance level from below to above for the market rally to be continuing.
- Chinkou Span line is crossing the price to above for the good breakout in the near future.
- Senkou Span line (which is the virtual border between the primary bullish and the primary bearish on the chart) is located at 0.7482 as the next target after 0.7258 support level to be broken.
- Absolute Strength indicator is estimating the breakout to be started.
- Nearest support level is 0.6935.
- Nearest resistance levels are 0.7258 and 0.7482.
If W1 price will break 0.6935
support level so the primary bearish will be continuing.
If W1 price will break 0.7482 resistance level so we may see the reversal to the primary bullish
condition with secondary ranging (the price will be inside Ichimoku cloud/kumo in this case).
If not so the price will be ranging between the levels
- Recommendation for long: watch close W1 price to break 0.7482 for possible buy trade
- Recommendation
to go short: watch W1 price to break 0.6935 support level for possible sell trade
- Trading Summary: ranging
| Resistance | Support |
|---|---|
| 0.7258 | 0.6935 |
| 0.7482 | N/A |
SUMMARY : breakout
TREND : bear market rally
