AUDUSD is trading at 0.7060; the instrument is moving inside Ichimoku Cloud, thus indicating a sideways tendency. The markets could indicate that the price may test the upside border of the cloud at 0.7095 and then resume moving downwards to reach 0.6955. Another signal to confirm further descending movement is the price’s rebounding from the channel’s upside border.
However, the scenario that implies further decline may be cancelled if the price breaks the upside border of the cloud and fixes above 0.7025. In this case, the pair may continue growing towards 0.7005. After breaking the cloud’s downside border and fixing below 0.7020, the price may continue moving downwards.