The AUDUSD is trading at 0.7105, above the Ichimoku cloud, which means there’s an uptrend forming. We are expecting a test of the upper cloud boundary at 0.7085, and then a downward pullback to 0.7205, which will be confirmed with the price bouncing off the lower boundary of the ascending channel.
This rise may be prevented in case price breaks out the lower boundary of the Ichimoku cloud and closes below 0.7055, which will be a signal for a further fall to 0.6965 and below. The rise will get confirmed once the upper boundary of the descending channel is broken out and the price closes above 0.7165.
Orgin: RoboForex
