AUD/USD: bulls lost all power
Tatiana Norkina, FBS analyst
In the absence of major players, trades on the currency markets were going quite sluggish yesterday. The lack of risk appetite for the Aussie was evident from the way the consolidation was taking place just above the 78th figure. Let us note that here, the most powerful support has been formed which the bulls might use as a platform to straighten out the situation (for the whole previous week, the AUD/USD pair was falling to the three-week lows).
Somewhat movement has been noticed since this morning. An attempt is possible to initiate recovery to the Tenkan and Kijun lines that have formed a resistance in the 0.7870 area. At the same time, the major trend is already descending - the Ichimoku cloud is expanding downwards.
Technical levels: support – 0.7800/10; resistance – 0.7870, 0.7900.
1. Buy — 0.7830; SL — 0.7810; TP1 — 0.7870; TP2 — 0.7900.