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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 red line remains horizontal, while the blue one is directed downwards. Chinkou Span line is below the price chart; current cloud is descending. The pair has slowed down its fall, though new downward impetus is highly possible. Tenkan-sen line is a resistance level at 0.9146. One of the previous minimums of Chinkou Span line is expected to be a support level at 0.9000.

AUD/USD, D1

On the daily chart Tenkan-sen line is also below Kijun-sen, but they are both horizontal. Chinkou Span line is below the price chart from below; the cloud has reversed from ascending to descending. The price has broken through the cloud and is still falling. The closest resistance level is Tenkan-sen line at 0.9267. One of the previous minimums of Chinkou Span line is expected to be a support level at 0.8900.

 Key levels

Support levels:  0.9146, 0.9267.

Resistance levels:  0.9000, 0.8900.

Trading tips

On the four-hour chart we can see a slowdown of the fall, although daily chart confirms Bearish trend. Targets for the short positions are around 0.9000.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Wednesday, 27 Nov, 2013 / 9:27

Source : https://www.liteforex.com/

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