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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. After short correction the pair continues to fall. Tenkan-sen (0.8940) line is the closest resistance level. One of the previous minimums of Chinkou Span line is expected to be a support level at 0.8890

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 (0.8866) line is the closest support level. The next obstacle for the price on its way up will be the upper border of the cloud (0.9053).

 Key levels

Support levels: 0.8890, 0.8866.

Resistance levels: 0.8940, 0.9053.

Trading tips

On the four-hour chart we can see a development of the downward movement, although on the daily chart the price is still within the cloud. Target for the short positions is 0.8890.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Tuesday, 04 Mar, 2014 / 7:42

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

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