1. Identified Support in Green and Resitance in Red

2. Market direction is indicated by 21/55 MA.If 21 is above 55 then the market is bullish and vice versa if
21 is below 55 then the market is bearish.

3. Price action is indicated by 5/8 MA.

4. Take note of the angle of separation between the moving averages

Price made a higher high and at the moment is on top of the range at MR1,and also 21 crossed above 55 which could be a start of a bullish trend.

Price broke out of range and made a higher high and made a retracemen,at the moment price is on the 50 fib zone and bounced on the 21.

Price came off DM3 and retraced back to the 50 fib zone where price found support and came of the 55 but at the moment is still ranging around the DPP

2 thoughts on “AUDJPY 171016”

  1. Kash says:

    Tell me, is the 5/8 cross simple MA, exponential MA or is one simple and one exponential?
    Anyone in the community can answer of course.
    Thank you

    1. Ducks Damans says:

      8 is simple and 5 is exponential.

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