EUR/AUD Technical Analysis: correction to reversal

EUR/AUD Technical Analysis: correction to reversal

23 November 2015, 12:11
Sergey Golubev

W1 price is on bullish market condition with the secondary correction: the price is located to be above Ichimoku cloud with the local downtrend as the correction within the primary bullish market condition. The key support level at 1.4985 was broken by the price for the correction to be continuing. Chinkou Span line is located to be above the price for possible crossing it to below for the possible breakdown.

  • The nearest resistance levels are 1.6248 and 1.6590.
  • The nearest support levels are 1.4202 and 1.3671.

If the price will break 1.4202 support level from above to below so the reversal of the price movement from the primary bullish to the primary bearish market condition will be started.
If not so the price will be ranging between the levels.

  • Recommendation for long: N/A
  • Recommendation to go short: watch W1 price to break 1.4202 support level for possible sell trade
  • Trading Summary: correction


W1 - correction
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