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W1 price is located on bearish market condition with descending triangle pattern to be broken from above to below. The price is trying to cross 51.39 support level for the bearish to be continuing with 45.17 as a next target in this case.
- Ichimoku cloud and Senkou Span A line (which is the virtual border between the primary bullish and the primary bearish on the chart) are located far above the price which makes the bullish reversal to be unlikely in this year;
- "Prices paused to consolidate four days of consecutive losses delivered the lowest levels since February. A daily close below the 50% Fibonacci expansion at 52.37 exposes the 61.8% level at 50.66".
If the price will break 51.39
support level so the bearish market condition will be continuing up to 45.17 as a next level.
If the price will break 66.32 resistance from below to above so the price will be reversed to the primary bullish trend.
If not so the price will be ranging between between support level at 51.39 and resistance level at 66.32.
Trend:
