AUDUSD is trading at 0.6875; 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 0.6835 and then resume moving upwards to reach 0.7005. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s downside border.
However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 0.6765. In this case, the pair may continue falling towards 0.6655. At the same time, one shouldn’t exclude a possibility of Double Bottom reversal pattern, which may happen after the price breaks the resistance level and fixes above 0.6910.
Orgin: RoboForex
