AUDCAD Technical Analysis - Monthly Forecast for 2015: Happy Bearish Ranging with 2015
MN price.
Ichimoku Analysis
MN1 price is located inside Ichimoku cloud/kumo below Senkou Span A line which is indicating the secondary ranging with primary bearish market condition.
Chinkou Span line is located to be near-and-below the price for possible breakout of the price movement.
Senkou Span A line is located exact above MN price. By the way, this border of Ichimoku cloud/kumo (Senkou Span A) is not strong enough in case the price will be going to breakout.
So, for now, we can see the ranging market condition within primary bearish and with real possibility for reversal of the price movement from primary bearish to the primary bullish market condition.
- If Chinkou Span line will cross the price from below to above together with the price crossing the nearest border of Ichimoku cloud/kumo (Senkou Span A line) so we may see good breakout with primary trend reversal from bearish to the bullish market condition, and in this case - it will be bullish for this pair for whole next year.
- If not so the situation will not be changed from now for 2015: ranging market condition within primary bearish.
Support & Resistance Analysis
The nearest resistance level is 1.0263 which is located outside the cloud with 10 pips above Senkou Span A line. The next resistance is 1.0349. The nearest support level is 0.9695, and if the price will break this support level from above to below so we will see the ranging market condition within primary bearish for 2015.
- If MN1 price will cross 1.0263 resistance level on close monthly bar so we may see the beginning of reversal of the price movement to primary bullish.
- If MN price will cross 1.0349 so it will be breakout within primary bullish, and we will have uptrend for this pair for whole next year.
- If not so the situation will not be changed for this pair for the next year concerning market condition for monthly timeframe.
| Resistance | Support |
|---|---|
| 1.0263 | 0.9706 |
| 1.0349 | 0.9695 |
To make it shorter - I am expecting the ranging market condition within primary bearish for 2015.
Trading Summary: ranging bearish
---------------
If we look at patterns for W1 timeframe so we can see bullish Gartley forming pattern:
