AUD/USD The closest resistance level is the lower border of the cloud (0.7759)

February 24, 2015

AUD/USD, H4

Let’s look at the four-hour chart. Tenkan-sen line has crossed Kijun-sen from above above the cloud, forming a signal to sell. Chinkou Span line has crossed the price chart from above, current cloud is still ascending. The pair has broken down the cloud and is moving towards 0.7680. The closest resistance level is the lower border of the cloud (0.7759).

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. The pair has been corrected to the Tenkan-sen line after a long fall. The closest support level is Kijun-sen line (0.7959). One of the previous minimums of Chinkou Span line is expected to be a support level at 0.7595.

Key levels

Support levels: 0.7680, 0.7605.

Resistance levels: 0.7759, 0.7930.

Trading tips

On the four-hour chart the pair has broken down the cloud, forming strong signal to sell. On the daily chart we can see a correction of the downward movement. Targets for the sell positions are 0.7680 and 0.7605.

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