AUDUSD Technical Analysis 2016, 04.09 - 11.09: ranging correction to the bearish reversal

AUDUSD Technical Analysis 2016, 04.09 - 11.09: ranging correction to the bearish reversal

4 September 2016, 10:05
Sergey Golubev
10
60

Daily price was on the secondary correction within the primary bullish market condition: the price was bounced from 0.7489 support level to above for the ranging condition to be started. For now, the price is on ranging within the following support/resistance levels:

  • 0.7691 resistance level located far above Ichimoku cloud in the bullish area of the chart, and
  • 0.7489 support level located inside Ichimoku cloud on the way to the bearish reversal.

Absolute Strength indicator is estimating the ranging bullish market condition to be continuing in the near future.

If D1 price breaks 0.7489 support level on close bar so the secondary correction within the primary bullish trend will be resumed with the ranging way: the price will be located inside Ichimoku cloud in this case.
If D1 price breaks 0.7407 support level on close bar so the reversal of the price movement from the ranging bullish to the primary ebarish market condition will be started.
If D1 price breaks 0.7691 resistance level on close bar from below to above so the bullish trend will be resumed with 0.7755 nearest bullish target to re-enter.
If not so the price will be on bullish ranging within the levels.

  • Recommendation for long: watch close D1 price to break 0.7691 for possible buy trade
  • Recommendation to go short: watch D1 price to break 0.7489 support level for possible sell trade
  • Trading Summary: ranging
Resistance
Support
0.76910.7489
0.77550.7407

SUMMARY : bullish

TREND : ranging
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