AUDJPY Price Action Analysis - 24.6% Fibo support level to be crossed for correction
23 June 2015, 21:11
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W1 price is located above 200 period SMA and 100 period SMA for the primary bullish with secondary ranging between 38.2% Fibo support level at 94.27 and Fibo resistance level at 97.30:
- 24.6% Fibo support level at 95.42 is going to be crossed by the price from above to below for the secondary correctional trend to be started;
- the price is ranging between 38.3% Fibo support level at 94.27 and 97.30 Fibo resistance level;
- triangle pattern was formed and it was crossed by the price from above to below for local downtrend to be started within this bullish market condition.
If the price will break 38.2% Fibo support level at 94.27
together with 100 period SMA so we may see the ranging correctional
movement within the primary bullish: weekly price will be between 200
period SMA
and 100 period SMA with local correctional ranging movement.
If the price will break Fibo resistance level at 97.30 from below to above so the primary bullish trend will be continuing with good possible breakout of the price movement.
If not so the price will be ranging between between support level at 94.27 and resistance level at 97.30.
Trend:
