AUD/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, indicating trend reversal. Chinkou Span line is below the price chart, current cloud is going to reverse from ascending to descending. The pair has broken down the cloud and is still falling towards (0.7525). The lower border of the cloud (0.7623) is the closest resistance level.

Forex: Ichimoku Clouds. Review of AUD/USD

AUD/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen, they are both horizontal. Chinkou Span line is below the price chart, current cloud is descending. After small correction the pair continues to move downwards. Tenkan-sen (0.7635) line is the closest resistance level. One of the previous minimums of Chinkou Span line is expected to be a support level at 0.7505.

Forex: Ichimoku Clouds. Review of AUD/USD

Key levels

Support levels: 0.7525, 0.7505.

Resistance levels: 0.7623, 0.7635.

Trading tips

On the both charts the downward trend is still strong despite the corrections. Targets for the short positions are around 0.7505. 




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