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Forex: Ichimoku Clouds. Review of AUD/USD

AUD/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, both lines are horizontal. Chinkou Span line is below the price chart, current cloud is descending. The pair has been corrected to the level of Tenkan-sen which becomes the closest support level  (0.8717). The next obstacle for the price on its way up will be Kijun-sen line at 0.8773.

AUD/USD, D1

On the daily chart Tenkan-sen and Kijun-sen lines have crossed below the cloud, indicating new wave of downward trend. Chinkou Span line is below the price chart; current cloud is descending. After small correction the pair has returned to the fall. Tenkan-sen line becomes the closest resistance level at 0.8815. One of the previous minimums of Chinkou Span line is expected to be a support level at 0.8683.

 Key levels

Support levels: .8717, 0.8683.

Resistance levels: 0.8773, 0.8815.

Trading tips

On the four-hour chart we can see a correction of the downward trend, however, on the daily chart Bearish trend is still strong. The targets for the short positions are 0.8717 and 0.8683.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Monday, 27 Jan, 2014 / 8:31

Source : http://www.liteforex.com/

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