AUDUSD Price Action Analysis - key Fibo support level to be broken for breakdown
5 October 2015, 18:11
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W1 price is located far below 200 period SMA (200 SMA) and 100 period SMA (100 SMA) for the primary bearish market condition with secondary ranging between 23.6% Fibo resistance level at 0.7204 and Fibo support level at 0.6907:
- the price is ranging within 23.6% Fibo resistance at 0.7204 and Fibo support at 0.6907;
- descending triangle pattern was formed by the price to be broken from above to below for good possible breakdown.
If the price will break Fibo support level at 0.6907 so the bearish trend will be continuing.
If the price will break 23.6% Fibo resistance level at 0.7204 from below to above so the secondary bear market rally will be started within the primary bearish market condition.
If not so the price will be ranging within the levels.
Trend:
