AUDUSD is trading at 0.7159; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.7205 and then resume moving downwards to reach 0.7040. Another signal in favour of a further downtrend will be a rebound from the resistance level.
However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7265. In this case, the pair may continue growing towards 0.7355. To confirm further decline, the asset must break the descending channel’s downside border and fix below 0.7105.
Orgin: RoboForex
