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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 has crossed Kijun-sen from above, forming trend reversal pattern. However, downward impetus wasn’t strong enough and the pair couldn’t break down the cloud. Chinkou Span line is above the price chart; current cloud is ascending. Tenkan-sen line (0.9033) line is the closest support level; resistance level is Kijun-sen line at 0.9066

AUD/USD, D1

On the daily chart Tenkan-sen line is above Kijun-sen, both lines are horizontal. Chinkou Span line is above the price chart; current cloud is ascending. Tenkan-sen (0.9030) and Kijun-sen (0.9014) lines are support levels. One of the previous maximums of Chinkou Span line is expected to be a resistance level at 0.9125

 Key levels

Support levels: 0.9033, 0.9014.

Resistance levels: 0.9066, 0.9125.

Trading tips

On the four-hour chart further movement of the pair will be determined by the breakdown of on e of the levels: Tenkan-sen or Kijun-se. Target for the pending buy positions is 0.9125.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Friday, 21 Mar, 2014 / 9:45

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

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