H4
The aussie is still consolidating near all-time highs and is trying to reach the 1.0200 level. Today in the morning the price even reached the 1.0197 level. But the bears have returned the price to the 4-hour Rotation Line (4), which is still advancing.
The Senkou Span A (1) is growing along with the Tenkan-sen, thus increasing chances of continuing uptrend and break of a psychologically important level 1.0200. The character of the Ichimoku Cloud is upside, which also has a positive influence on players’ sentiment.
However, we should keep in mind that the Chinkou Span is in the overbought zone. This might suppress the rate, at least on current levels.
H1
1-hour situation remains positive – the Ichimoku Cloud is continuing to grow.
Besides, during yesterday’s bearish attack in the European session the Tenkan-sen and the Kijun-sen formed another Gold Cross (5) much higher than the previous level. Thus, another good support level has formed near the 1.0150 level.
Nevertheless, the market started today’s morning from a decline. The price approached the Senkou Span A, but could not reach its level. Apparently, bullish sentiment was in advance.
Therefore, in the short term we should expect further advance and a break of the Tenkan and the Kijun (3, 4). If the price fixates above these lines, this will denote that the market is ready to reach the 1.0200 level.
