AUDJPY Price Action Analysis - bear market rally to be started

AUDJPY Price Action Analysis - bear market rally to be started

18 September 2015, 09:11
Sergey Golubev
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W1 price is located below 200 period SMA and 100 period SMA for the primary bearish with secondary ranging between Fibo support level at 81.99 and 61.8% Fibo resistance level at 91.42:

  • the price is ranging between Fibo support level at 81.99 located far below 200-SMA and 61.8% Fibo resistance level at 91.42 located near above 200-SMA in the ranging bullish market condition:
  • 23.6% Fibo support level at 85.57 crossed by the price from above to below and from below to above for the ranging condition to be continuing;
  • RSI indicator is estimating the bear market rally to be started on open W1 bar.

If the price will break Fibo support level at 81.99 so the primary bearish market condition will be continuing.
If the price will break 61.8% Fibo resistance level at 91.42 from below to above so we may see the reversal of the price movement from the primary bearish to the bullish condition with the secondary ranging: price will be near and above 200-SMA in this case.
If not so the price will be ranging between the levels.

Trend:

W1 - ranging bearish
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