The price is inside Ichimoku cloud/kumo below Senkou Span A line which is indicating the ranging market condition between 0.8683 support and 0.9503 resistance levels. By the way, MN1 price is ranging since July last year by those levels and I think - this secondary ranging market condition within primary bearish will be one for 2015.
- if MN1 price will cross 0.9503 resistance level on close monthly bar - we may see market rally with the possibility with the reversal of the price movement from primary bearish to the primary bullish condition.
- if MN1 price will cross 0.8683 support level on close monthly bar so the primary bearish will be continuing.
- if not so the price will be ranging between 0.8683 support and 0.9503 resistance levels within primary bearish.
W1 price: If we look at weekly chart so we can see that the primary bearish was finished and secondary market rally is just started for the second week from now.
To make it shorter - I am expecting the secondary ranging market condition for the next year and it may be good for martingale systems, for counter trend strategies and for scalping for example.
Trading Summary: ranging