AUDUSD Technical Analysis 2016, 11.09 - 18.09: ranging correction

AUDUSD Technical Analysis 2016, 11.09 - 18.09: ranging correction

11 September 2016, 10:11
Sergey Golubev
9
71

Daily price is on breakdown which was started on Friday on close daily bar: the price is testing upper border of Ichimoku cloud to below for the bullish breakdown to be continuing with the secondary ranging way and with 0.7485 bearish reversal target. Chinkou Span line of Ichimoku indicator is estimating the breakdown to be continuing, and Absolute Strength indicator is evaluating the trend as a ranging correction within the primary bullish market condition.

If D1 price breaks 0.7485 support level on close bar so the reversal of the price movement from the ranging bullish to the primary bearish market condition will be started.
If D1 price breaks 0.7731 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 0.7731 for possible buy trade
  • Recommendation to go short: watch D1 price to break 0.7485 support level for possible sell trade
  • Trading Summary: ranging correction
Resistance
Support
0.77310.7485
0.7755N/A

SUMMARY : bullish

TREND : ranging correction
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