AUDUSD is trading at 0.6783; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6765 and then resume moving upwards to reach 0.6875. Another signal to confirm further ascending movement is the price’s rebounding from the support level.
However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes bolw0.6725. In this case, the pair may continue falling towards 0.6655. Still, the pair may yet form Head & Shoulders reversal pattern, that’s why after breaking 0.6720 the price may start this pattern with the predicted target at 0.6615.
Orgin: RoboForex
