AUDUSD is trading at 0.6715; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6725 and then resume moving downwards to reach 0.6575. Another signal to confirm further descending movement is the price’s rebounding from the descending channel’s upside border.
However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6775. In this case, the pair may continue growing towards 0.6845 and form a Double Bottom reversal pattern. After breaking the support area and fixing below 0.6645, the price may resume moving downwards.
Orgin: RoboForex
