Hi Traders!,
We are back inside the range zone on AUDUSD. After multiple breaks of the range zone, we have not continued with the direction of the break, which tells us that both buyers and sellers are currently undecided long term as to where to go from this area.
We have highlighted the range zone on the chart. Resistance to the zone is at 0.68183 and support...
Enough reason for bulls to buy, enough reason to manage risk tightly.
The 3 day is giving a good overall view of my multi frame analysis currently, so here's a new idea.
Key areas under the 29.7k support are 26.3s, 18.9s and 13.8s.
Ideally from here we can land a 38k+ monthly close, otherwise the downside path remains a high enough possibility.
ES1! / Emini / SPY500 is getting closer to 50% of the range since 2021 began - and can find buyers below 50% of the range (forced or willing) as shown on the chart.
Don't blindly trade the weekly chart, look for LTF confirmations.
Note : we are not predicting price, it can still drop like a rock. However we anticipate how it could play out.
GLGT
FBMKLCI forecast using Range Analysis.
Same range can be seen during recession on 98', 08' and 20'. Expected bull range based on previous bull range.
History tends to repeat itself.
Index expected to be bullish on the next +- 10 yrs.
Intraday, price did not touch it's minimum high or low projection by few pips. I always tell a story to myself that "if the price doesn't touch the minimum high or low daily range, they owe the market and have to pay it eventually".
Now, this information doesn't help me really as it doesn't necessarily offer me any kind of a "crystal ball" "leading indicator"...
EURJPY had hit the average weekly range (220 pips) from Y130.80. Part of my method in range analysis is, when price already hit its range the price very often retraces between (38 to 60% of its move), make a full reversal or price begins to move smaller and create small price structure (accumulation phase) (Yes I've just described the entire price action phases....
