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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 above Kijun-sen, both lines are horizontal. Chinkou Span line is approaching the price chart, current cloud is ascending. After an abrupt rise the pair has been corrected under Tenkan-sen line, which has become a resistance level at 0.8960. Kijun-sen line is the closest support level (0.8864).

AUD/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen and they are both horizontal. Chinkou Span line is following the price chart; current cloud is descending. The price has broken through Tenkan-sen and Kijun-sen lines but weren’t able to enter the cloud. Kijun-sen line becomes the closest support level at 0.8872. the next obstacle for the price on its way up will be the lower border of the cloud (0.8956).

 Key levels

Support levels: 0.8872, 0.8864.

Resistance levels: 0.8956, 0.8960.

Trading tips

On the four hour chart further movement of the price will be determined by the breakdown of one of the levels: Tenkan-sen or Kijun-sen. Short-term sell orders can be placed with targets at 0.8864.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Monday, 10 Feb, 2014 / 9:34

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

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