AUD/USD: weekly review (06/02)
Tatiana Norkina, an analyst at FBS
Daily. Australian dollar formed new lows in the 76th figure at the beginning of the week. However, during the day the bulls managed to return prices to the opening levels, formed a reversal pattern "bullish hammer" in the area of 78th figure on the daily candle chart.
Thus, the bulls have not decided to counter-attack yet- they are hampered by a resistance Tenkan-sen line. The breakdown of this line may mean an increase to the level of Kijun-sen line- 0.7960.
Chart. Daily AUDUSD
H4. At the four-hour timeframe, the currency pair came close to the lower boundary of the Ichimoku cloud during consolidation. Obviously, the bulls can storm the resistance level, thanks to the support of the golden cross formed by Tenkan and Kijun lines. In case of breakdown one can expect the growth to levels Senkou Span B. Otherwise, there will be the resumption of the downtrend.
Chat. H4 AUDUSD