AUD/USD: weekly review (20/02)
Tatyana Norkina, an analyst at FBS
Daily. Last week the Australian dollar made his way deep into the Tenkan-Kijun channel on the daily timeframe. It may mean the further recovery of the pair to the Kijun line. Hovewer, it should be noted that the growth is corrective in nature only, as the dead cross is active and the cloud has a bearish tone. The maximum level, which will be restored by the bulls, is located in the area of 0.7950.
Chart. Daily AUDUSD
H4. At the four-hour timeframe the currency pair also took place in the neutral zone - in the bearish cloud. Break through of 0.7830 resistance level will have a positive impact on the mood of short-term players, who are supported by a golden cross, formed by Tenkan and Kijun lines.
Obviously, in this case one will expect a testing of the Ichimoku cloud top.