AUD/USD, H4
Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Chinkou Span line is below the price chart from below; current cloud has reversed from ascending to descending. The pair has entered the cloud and is following its upper border. Tenkan-sen (0.8979) and Kijun-sen (0.9008) lines have become support and resistance levels respectively.
AUD/USD, D1
On the daily chart Tenkan-sen line has crossed Kijun-sen from below, forming Golden Cross reversal pattern. Under the pressure of the Cross the pair has entered the cloud. Chinkou Span line is above the price chart; current cloud has reversed from descending to ascending. Senkou Span A (0.8951) line is the closest support level. The next obstacle for the price on its way up will be the upper border of the cloud (0.9152).
Key levels
Support levels: 0.8979, 0.8951.
Resistance levels: 0.9008, 0.9152.
Trading tips
On the both charts the price has entered the cloud; it is not recommended to open new trades at current price. Pending buy orders can be placed above 0.9008 with targets at 0.9152.
Anastasiya Glushkova
Analyst of LiteForex Group of Companies