Aussie trading within cloud
Tatiana Norkina, FBS analyst
The Australian dollar was recovering to the four-hour Ichimoku cloud earlier this week. The bulls have partly managed to break through the lower border resistance but failed to remain in the 78th figure area: this morning, the bears have emerged in the market, returning the prices to the 77th figure and currently not easing the pressure.
Today, support will be provided by the horizontal Kijun-sen line. Senkou Span A is also located here, reinforcing the level.
Therefore, in case of the support break, we will expect the downtrend resumption. Otherwise, the bulls might as well lift the market up to the cloud's upper border levels.
Technical levels: support – 0.7700; resistance – 0.7800.
1. Buy — 0.7700; SL — 0.7680; TP1 — 0.7800; TP2 — 0.7880.
2. Sell — 0.7680; SL — 0.7700; TP1 — 0.7600; TP2 — 0.7550.