Forex: Ichimoku Clouds. Review of AUD/USD
Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Chinkou Span line is below the price chart; current cloud is descending. The closest resistance level is Tenkan-sen line (0.9268). One of the previous minimums of Chinkou Span line is expected to be a support level at 0.9158.
On the daily chart Tenkan-sen line has crossed Kijun-sen from above, forming trend reversal pattern. Chinkou Span line has crossed the price chart from above; current cloud is ascending. Under the pressure of the Dead Cross pattern the price has entered the cloud, which upper border becomes a resistance level at (0.9263). The closest support level is Senkou Span B line (0.9096).
Support levels: 0.9158, 0.9096.
Resistance levels: 0.9268, 0.9263.
On the four-hour chart we can see a development of the downward movement. Daily chart confirms Bearish trend. Targets for the short positions are 0.9158 and 0.9096.
Analyst of LiteForex Investments Limited