AUD/USD: correction under the cloud
Tatiana Norkina, FBS analyst
Updating lows in the beginning of the week, the pair has found support around 0.7740. Here Tenkan and Kijun formed a powerful level that bulls took advantage of. Later they formed a golden cross, which supports short-term bullish trend on the market.
Oscillators also went up, although MACD is still in the negative zone.
It is quite obvious that this increase is only corrective, since Ichimoku cloud still points to the urgency of the downward trend in the longer term. Therefore, after testing the lower limit of the Ichimoku cloud, bears may increase the pressure.
Technical levels: support - 0.7740; resistance - 0.7870.
Trading recommendations: 1. Sell - 0.7870; SL - 0.7890; TP1 - 0.7770; TP2 - 0.7740.