Forex: Ichimoku Clouds. Review of AUD/USD
Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the lines are directed towards each other. Chinkou Span line is approaching the price chart from below; current cloud is descending. The pair has slowed down its fall and been corrected above Kijun-sen line, which is now a support level (0.9484). The pair will meet a resistance at the lower border of the cloud (0.9596).
On the daily chart Tenkan-sen line is above Kijun-sen, and they are both horizontal. Chinkou Span line is above the price chart, current cloud is ascending. The pair has fallen under the blue line, which becomes a resistance level at 0.9518. The support level and a target for the Bears is the upper border of the cloud at 0.9308.
Support levels: 0.9484, 0.9308.
Resistance levels: 0.9596, 0.9518.
On the four-hour chart the correction is turning to the trend reversal. The signal to buy will be the cross of Chinkou Span line and the price chart. On the daily chart the picture is different; we expect a signal to sell after the cross of Tenkan-sen and Kijun-sen lines. Targets for the short positions are 0.9484 and 0.9308.
Analyst of LiteForex Group of Companies