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, both lines are horizontal. Chinkou Span line wasn’t able to cross the price chart from below and is moving along it. Current cloud is descending, bit its width is only 15 pips. The pair has broken through the levels of Tenkan-sen and Kijun-sen lines, the latter becomes a support level at 0.9067; however AUD/USD couldn’t enter the cloud. Senkou Span A line is the closest resistance level at 0.9112.
AUD/USD, D1
On the daily chart Tenkan-sen line is also below Kijun-sen, the red line is directed downwards, while the blue one is moving sideways. Chinkou Span line is below the price chart from below; current cloud is descending. The price has broken through the cloud and is still falling. The closest resistance level is Kijun-sen line at 0.9265. One of the previous minimums of Chinkou Span line is expected to be a support level at 0.9033.
Key levels
Support levels: 0.9067, 0.9033.
Resistance levels: 0.9112, 0.9265.
Trading tips
On the four-hour chart the signal to buy will appear after the cross of Tenkan-sen and Kijun-sen lines or the cross of Chinkou Span line and the price chart. On the daily chart Bearish movement is still quite strong.
Anastasiya Glushkova
Analyst of LiteForex Group of Companies
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EUR/USD: general analysis
Current trend
Despite positive statistics on the US labour market last Friday, the pair EUR/USD rose to the level of 1.3706, following slight rollback to the level of 1.3620. Neither the decline in unemployment rate to 7.0%, nor the rise in jobs outside agricultural sector and in consumer sentiment index was able to provide support to the American dollar. Euro completed last week above the level of 1.3700.
Although at the opening trading session of this week the pair continued to grow, it was not able to exceed resistance line of 1.3713. Technical analysis shows that downward correction may reach the level of 38.2% Fibonacci (1.3647). The price had left the channel; however later went back into the channel; there is a candle Doji, indicating further decline in price.
Support and resistance
Resistance to the further growth will be at the summer highs of 1.3713. Support levels are 1.3674 and 1.3647.
Trading tips
As a trading strategy I would recommend to open short positions with the target of 1.3647. It also makes sense to place limited sell orders at the levels of 1.3713 and 1.3735.
Kamil Avad
Analyst of LiteForex Group of Companies
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