Aussie updating lows
Tatiana Norkina, FBS analyst
Yesterday, the Australian updated local lows again, decreasing to the 0.7350 mark. The main trigger for sales was the bulls' failure to get deeper into the four-hour Ichimoku cloud: a powerful resistance of the Senkou Span A line in the 0.7480 area has again thrown the AUD/USD currency pair rate into the negative zone.
In the meantime, the Tenkan and Kijun lines have formed a new dead cross, and the cloud has continued expanding downwards, supporting the bearish sentiment in the market. Small consolidation at the current levels is obvious to be followed by further rate's decline.
Technical levels: support – 0.7350; resistance – 0.7400.
1. Sell — 0.7400; SL — 0.7420; TP1 — 0.7310; TP2 — 0.7280.