Daily price is located inside Ichimoku cloud for the ranging market condition. The price is traded near and above Senkou Span line of Ichimoku indicator which is the virtual border between the primary bearish and the primary bullish trend on the chart within the following support/resistance levels:
- 0.7656 resistance level located above Ichimoku cloud on the border between the ranging bullish and the primary bullish trend, and
- 0.7441 support level located below Ichimoku cloud in the beginning of the bearish trend to be started.
Strength indicator is estimating the ranging trend to be continuing, and
Trend Strength indicator is evaluating the future possible trend as a
bearish condition to be started.
If D1 price breaks 0.7656 resistance level on close bar from below to above so the bullish trend will be resumed.
If not so the price will be on ranging within the levels.
- Recommendation for long: watch close D1 price to break 0.7656 for possible buy trade
to go short: watch D1 price to break 0.7441 support level for possible sell trade
- Trading Summary: ranging
|Resistance ||Support |
SUMMARY : ranging on bearish reversal
TREND : ranging