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Weekly price is located below Ichimoku cloud for the primary bearish market condition with secondary ranging between 0.8162 resistance level and 0.7597 support level. If the price breaks 0.7597 support so the primary bearish will be continuing without any ranging possibility, otherwise we may see the ranging bearish.
W1 price is on primary bearish with secondary ranging market condition:
- The
price is located to be below Senkou Span A line (which is the border between primary bullish and the
primary bearish on the chart) for the primary bearish
with the ranging between 0.8162 resistance and 0.7597 support levels.
- Tenkan-sen line is below Kijun-sen line of Ichimoku indicator which is indicating the downtrend to be continuing.
- Nearest key support levels are 0.7597 (W1).
- Nearest key resistance level is 0.8162 (W1).
If W1 price will break 0.8162 resistance level so the secondary market rally will be started as a local uptrend within the primary bearish.
If not so the price will be ranging between 0.7597 and 0.8162 levels
- Recommendation for long: watch close W1 price to break 0.8162 for possible buy trade
- Recommendation
to go short: watch W1 price to break 0.7597 support level for possible sell trade
- Trading Summary: ranging
SUMMARY : ranging
TREND : bearish
