AUD/CAD: bullish breakout. The price broke Ichimoku cloud from below to above for good breakout with the reversal of the price movement to the primary bullish market condition with the secondary ranging. Price is located to be between 100 period SMA and 200 period SMA in the ranging zone trying to break 0.9870 key reversal resistance level for the breakout to be continuing. Chinkou Span line broke the price to above for the breakout with bullish reversal, and Absolute Strength indicator is estimating the ranging bullish trend in the near future.
There are 3
simple scenarios for the price movement for the week and in a long-term situation:
- bullish breakout will be continuing with the reversal to the bullish trend to be started in case the price breaks 0.9870 key reversal resistance level on close weekly bar with 0.9983 level as the next bullish target,
- bearish trend to be continuing in case the price breaks 0.9148 resistance from below to above,
- or the ranging within the levels.
|Resistance ||Support |