Australian firmed up significantly
Tatiana Norkina, FBS analyst
The Australian dollar has been in the positive trend for the past two days. The currency pair rate has risen to the area of a powerful resistance formed by the four-hour Ichimoku cloud upper border, up to the 0.7735 mark. Today, however, the bulls have broken through this level as well, forming a three-week high in the 0.7780 area.
The short-term trend has changed for the bullish - the Tenkan and Kijun lines have turned upwards, cancelling the dead cross. At the same time, the Ichimoku cloud remains bearish.
Trades in the near future are obvious to be conducted near Senkou Span B. Consolidation above this line might promise the market a growth to the 0.7850 mark.
Technical levels: support – 0.7735; resistance – 0.7850.
1. Buy — 0.7730/40; SL — 0.7710; TP1 — 0.7800; TP2 — 0.7850.