EURAUD Technical Analysis - Monthly Forecast for 2015: Ranging Bullish
MN price.
Ichimoku Analysis
The price is located inside Ichimoku cloud/kumo to be above Senkou Span A line which is indicating the secondary ranging within the primary bullish market condition. Chinkou Span line of Ichimoku indicator is wide enough and we can not expect any possible breakout or breakdown in the near future.
- If the price will cross Senkou Span A line (1.2650) from above to below so the price will be reversed to the bearish from ranging bullish.
- If not so the secondary ranging within the primary bullish will be continuing
Support & Resistance Analysis
The nearest support line is 1.3801 and key resistance is 1.5536: if the price will cross the support level so we may have the possibility for the reversal of the price movement to the primary bearish market condition.
- If
MN1 price will cross 1.5536 resistance level on close
monthly bar so the ranging bullish will be continuing.
- If MN1 price will break 1.3801 support level so we will see the reversal to bearish.
- If not so the price will be ranging or flat between key support/resistance levels within the primary bullish for example.
| Resistance | Support |
|---|---|
| 1.4751 | 1.3813 |
| 1.5536 | 1.2650 |
To make it shorter - I am expecting the secondary ranging (or flat) market condition with the primary bullish for the next year which may be good for martingale systems, for counter trend strategies and for scalping for example.
Trading Summary: ranging bullish
If we look at patterns for MN1 timeframe so we can see formed Retracement bearish pattern :
and forming Retracement bullish pattern:
