Australian looking weak
Tatiana Norkina, FBS analyst
During yesterday's trading, the Australian dollar rate has decreased significantly against the US currency. From the very beginning of the trading session, the bears have managed to escape from the cloud area, breaking through the four-hour Ichimoku cloud lower border.
In the meantime, Tenkan-sen and Kijun-sen have formed a dead cross, supporting the short-term sellers, while the Ichimoku cloud has again begun to expand downwards, hinting on a long-term bearish outlook.
Thus, we can speak with confidence about the downtrend resumption. We are likely to witness new lows in the near future, while the bears medium-term objective can be the 0.7300 mark.
Technical levels: support – 0.7570/50, 0.7490; resistance – 0.7630.
1. Sell — 0.7630/40; SL — 0.7660; TP1 — 0.7560; TP2 — 0.7490.