AUD/USD: bulls in couterattack
Tatiana Norkina, FBS analyst
In recent days, the bulls have finally managed to break through the four-hour Ichimoku cloud resistance and into the positive area. The prices fixing above Senkou Span B made the four-hour situation completely bullish. Thus, the Tenkan and Kijun lines have formed a golden cross and the cloud has changed for the positive, suggesting further currency pair rate recovery.
At the moment, the pair is testing the daily cloud lower border resistance. But even in case of a breakthrough, the 0.7930/50 area will bring a new surpirse for the bulls.
Prior to this range testing, we expect the prices to return to the Tenkan-sen line, since the market is a bit overbought at the moment, which is confirmed by the Chinkou Span line being in the corresponding area.
Technical levels: support – 0.7830, 0.7800, 0.7780; resistance – 0.7930/50.
1. Buy — 0.7800; SL — 0.7780; TP1 — 0.7930; TP2 — 0.7950.