AUDUSD May-December 2015 Forecast: ranging bearish breakdown with 0.7532 support level
7 May 2015, 15:11
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- Tenkan-sen line is located below Kijun-sen line of Ichimoku indicator with 0.7532 support level on monthly timeframe chart for the bearish market condition to be continuing.
- Senkou Span A line of Ichimoku indicator is located far above the price for primary bearish market condition
- Primary bearish market condition was estimated by AbsoluteStrength indicator and TrendStrength indicators with the secondary ranging which was started last month: price was stopped by 0.7532 support level.
- Chinkou
Span line is located to be too far for any possible
breakout or breakdown of the price movement in 2015 on monthly timeframe
- Nearest support level is 0.7532
- Nearest resistance levels are 0.8541 and 0.9402
If MN price will break 0.7532
support level on close monthly bar so the primary bearish breakdown will be continuing
If MN price will break 0.9402 resistance level so we may see the market rally within the primary bearish
If not so the price will be ranging between 0.7532 and 0.9402 levels
| Resistance | Support |
|---|---|
| 0.8541 | 0.7532 |
| 0.9402 | N/A |
Trend: bearish ranging
