AUDCAD Price Action Analysis - totally ranging market condition within next few weeks

AUDCAD Price Action Analysis - totally ranging market condition within next few weeks

18 September 2015, 12:11
Sergey Golubev
0
877

W1 price is located below 200 period SMA and 100 period SMA for the primary bearish for secondary ranging between Fibo support level at 0.9148 and Fibo resistance level at 0.9746:

  • the price is ranging around 50.0% Fibo level to crosse it from below to above for the bear market rally to be started, or to cross it from above to below for the ranging bearish trend to be continuing;
  • there are two intermediate support levels for the price on the way to bearish breakdown: 0.9327 and 0.9148;
  • there are two key resistance levels for the price on the way to the primary bullish trend: Fibo resistance at 0.9746 located near 100-SMA below 200-SMA, and 1.0081 resistance located in the bullish area of the chart above 200-SMA.

The main and only scenario for this pair based on weekly price is the total ranging market condition within key levels. I do not foresee for this pair to take the direction for strong bearish or the bullish trend in the next few weeks for example.

Trend:

W1 - ranging bearish
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