FBS - Analytics


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    Aussie at crossroads

    The AUD/USD currency pair remains inside the four-hour Ichimoku cloud after the bulls failed to restore the market to the upper border level. Yesterday's trading began rather shaky, with the consolidation above the rising Tenkan-sen line. However, even the golden cross formed by the Tenkan and Kijun lines could not help the bulls gain confidence. Therefore, the break down through the Tenkan-sen support triggered additional sales of the pair and the prices lowering to Kijun-sen. The line is currently providing support in the 0.6940 area. Let us note that this level can become critical: a break down would mean the consolidation conclusion and the major trend continuation; or if the level withstands, short-term bulls might return to the market and restore the currency pair rate to Senkou Span B.

    Technical levels: support –  0.6900, 0.6940; resistance – 0.6990.

    Trade recommendations:

    1. Sell — 0.6970; SL — 0.6990; TP1 — 0.6830; TP2 — 0.6800.

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