AUD/JPY: bullish reversal. The weekly price is located inside Ichimoku cloud for the breaking 84.62 resistance level for the reversal of the price movement from the ranging bearish to the primary bullish market condition. Symmetric triangle pattern was broken by the price to above for the uptrend to be continuing, and Absolute Strength indicator is estimating the trend as the bullish reversal in the near future. Chinkou Span line broke the price to above for the bullish breakout to be started.
There are 2
simple scenarios for the price movement for the week:
- bearish breakdown in case the price breaks 0.9822 support on close weekly bar,
- bullish reversal to be started in case the price breaks 84.62 resistance from below to above on close weekly bar, or
- the price will be ranging inside Ichimoku cloud waiting for the direction of the trend.
Chinkou Span line broke the price to above for the bullish breakout to be started.
|Resistance ||Support |