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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, the blue line is directed downwards, while the red one remains horizontal. Chinkou Span line is below the price chart; current cloud is descending. The closest resistance level is Tenkan-sen line at 0.9319. One of the previous minimums of Chinkou Span line is expected to be a support level at 0.9244.

AUD/USD, D1

On the daily chart Tenkan-sen is below Kijun-sen and they are both horizontal. Chinkou Span line has crossed the price chart from above, current cloud is ascending. Under the pressure of the Dead Cross the price has entered the cloud, its borders are support (0.9316) and resistance (0.9187) levels now.

 Key levels

Support levels:  0.9244, 0.9187.

Resistance levels:  0.9319, 0.9316.

Trading tips

On the four-hour chart Ichimoku lines indicate the continuation of the downward movement. Targets for short positions are 0.9244 and 0.9187. On the daily chart the pair has entered the cloud; it is not advised to open new long-term positions.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Wednesday, 13 Nov, 2013 / 9:49

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

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