Nestonian

Nestonian

The market is currently on a guided trend to the Major Resistance Zone. AU failed to break through the Major (local range) Support Zone which signified a ranging bounce back to the Major Resistance Zone (approx. 0.778). If ranging continues as expected, then we can predict another failure to break the Resistance Zone. Price also is set above the 50 and 200 EMAs,...

Nestonian

Currency pair bounces off the 200 EMA roughly 50% of the time. Considering the strong possibility of a bearish trend, the market will likely head to at least touch the 200. Consider watching for this set up. A bounce suggests a retest to the (old support) new resistance zone. Otherwise set your sights for a strong downtrend.