The AUD/USD is trading at 0.7214, above the Ichimoku cloud, which means there’s an uptrend forming. We expect a test of the upper cloud boundary at 0.7185, and then a rise to 0.7310, which will be confirmed with the price bouncing off the upper boundary of the descending channel.
This rise may be prevented in case price breaks out the lower boundary of the Ichimoku cloud and closes below 0.7145, which will be a signal for a further fall to 0.7005 and below. Once the price breaks out the resistance area and stays above 0.7255, this will conversely confirm the price is going to rise.
Orgin: RoboForex
