AUD/USD has broken through Tenkan-sen and Kijun-sen lines and is going to enter the cloud

February 5, 2015

AUD/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are horizontal. Chinkou Span line has crossed the price chart from below, giving an additional signal to buy. Current cloud remains descending. The pair has broken through Tenkan-sen and Kijun-sen lines and is going to enter the cloud. The closest support level is Tenkan-sen line (07791). Lower border of the cloud is a resistance level at 0.7841.

AUD/USD, D1

On the daily chart Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Chinkou Span line is below the price chart, current cloud is descending. Resistance levels are Tenkan-sen (0.7824) and Kijun-sen (0.7959) lines. One of the previous minimums of Chinkou Span line is expected to be a support level at 0.7590.

Key levels

Support levels: 0.7791, 0.7590.

Resistance levels: 0.7824, 0.7841, 0.7959.

Trading tips

On the four-hour chart we can see a trend reversal, although daily chart shows only a correction. First target for the long positions is 0.7841, the next one will be 0.7959.

Anastasiya Glushkova
Analyst of LiteForex Investments Limited

Publication source
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