Trading news

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 “Dead Cross” pattern. Under the pressure of the Cross the pair has broken down the cloud and Chinkou Span line has crossed the price chart from above. Senkou Span A and Senkou Span b lines are getting closer prior to the cloud reversal. The closest resistance level is the lower border of the cloud at 0.8900. One of the previous minimums of Chinkou Span line is expected to be a support level at 0.8851.

AUD/USD, D1

On the daily 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 long fall the pair has been corrected to the level of Tenkan-sen line. Kijun-sen line becomes the closest resistance level at 0.8994. One of the previous minimums of Chinkou Span line is expected to be a support level at 0.8848.

 Key levels

Support levels: 0.8851, 0.8848.

Resistance levels: 0.8900, 0.8994.

Trading tips

On the four-hour chart the breakdown of the cloud is a signal to sell with target at 0.8851. On the daily chart we can see a correction of the Bearish trend.

 

Anastasiya Glushkova

Analyst of LiteForex Group of Companies

Thursday, 09 Jan, 2014 / 8:24

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

Trading news

 

UK ILO Unemployment: Pound Set To Decline?

Heading into the G7 meeting over the weekend, analysts were expecting some [...]

Posted on Monday, 14 Jun, 2021 / 11:36 under

Trade ideas for June 14-18

The Bank of Canada and the European Central Bank held meetings last week. Both [...]

Posted on Monday, 14 Jun, 2021 / 10:44 under

Dollar advances as traders brace for Fed decision

· Dollar climbs as shorts hedge ahead of Fed meeting on Wednesday [...]

Posted on Monday, 14 Jun, 2021 / 9:13 under