AUD/USD Span line is crossing the price chart from above, current cloud is ascending

January 21, 2015

AUD/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above, giving a singal to sell, but then both lines turned upwards. Chinkou Span line is crossing the price chart from above, current cloud is ascending. The closest resistance level is Tenkan-sen line (0.8196),  upper border of the cloud will be a support level at 0.8151.

AUD/USD, D1

On the daily chart Tenkan-sen line has crossed Kijun-sen from below, indivating the beginning of trend reversal. Chinkou Span line is approaching the price chart from below, current cloud is descending. The closest support level is Kijun-sen line (0.8163). The next obstacle for the price on its way up will be the lower border of the cloud at 0.8350.

Key levels

Support levels: 0.8163, 0.8151.

Resistance levels: 0.8196, 0.8350.

Trading tips

On the four-hour chart we can see the first sign of trend reversal, short-term sell positions can be opened at current price with targets at 0.8151. On the daily chart downward trend is turning into an upward one. Mid-term buy positions may reach the level of 0.8350.

Anastasiya Glushkova
Analyst of LiteForex Investments Limited

Publication source
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