AUD/USD: the flat market continues

Tatyana Norkina, an analyst at FBS

Over the past two days the currency pair has broken the resistance level of the four-hour Ichimoku cloud lower limit and entered into the cloud, confirming once again that market participants are cautious to trading. The flat situation is maintained. Timid attempts of bulls to break through the level of 0.7800 and consolidate above it are intercepted by action of bears that return persistently the rates under the figure.

Therefore, despite of the relevance of the golden cross, it is early to talk about the possibility of extending short-term uptrend. It is possible that during the day  the pair will test the bottom level of the cloud by breaking of the support level of Kijun line.

Technical levels: support - 0.7780; resistance - 0.7800 / 30.

Trading recommendations:

1. Sell - 0.7770; SL - 0.7790; TP1 - 0.7650; TP2 - 0.7600.

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