AUDJPY Weekly Outlook - on the border waiting for direction

AUDJPY Weekly Outlook - on the border waiting for direction

9 August 2015, 21:11
Sergey Golubev
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W1 price is located below 200 period SMA (200-SMA) and above 100 period SMA (100-SMA) for the primary bearish with ranging between Fibo resistance level at 97.29 and Fibo support level at 89.15 located near 100-SMA on the border between the ranging and non-ranging area of the chart:

  • descending triangle pattern was formed with 89.15 support level;
  • the price is trying to break 23.6% Fibo level at 91.67 for the ranging condition to be continuing;
  • the price is on the border between the ranging and non-ranging zones: Fibo resistance level at 97.29 is located on bullish area, and Fibo support level at 89.15is located in bearish area of the chart, with the ranging zone between those levels for example.
  • RSI indicator is estimating the ranging bearish condition.

If the price will break Fibo support level at 89.15 so the bearish trend will be continuing.
If the price will break Fibo resistance level at 97.29 from below to above so we may see the reversal of the price movement to the primary bullish market condition.
If not so the price will be ranging between the levels.

Trend:

W1 - ranging
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