H4
Yesterday’s trading on the Australian dollar market was located in consolidation near highs. However, the bulls refreshed the all-time high again, having reached the 1.0369 level. By the end of the trading day the price dropped quite sharply and appeared near the Rotation line (3) that prevented the market from further downfall.
The Tenkan-sen and the Kijun-sen formed the Gold Cross (5) after yesterday’s confluence, but at the moment the aussie price is inside the Tenkan-Kijun channel (3, 4). Therefore in the nearest time a decline to the Kijun-sen (4) is possible.
H1
As a result of yesterday’s downfall by closing of the US session the aussie rate was located near the upper limit of the 1-hour Cloud: the Tenkan-sen and the Kijun-sen could not provide support for the market. However, the Senkou Span A is strongly suppressing the bears and a rebound to the Kijun-sen (3) is possible in the nearest time. Here the Tenkan-sen and the Kijun-sen formed a resistance by uniting into one line.
Further direction will depend on the ability of the bulls to breach this barrier.
If the price fixates above these lines the uptrend will be continued. Otherwise, which is more likely, the price might enter the Ichimoku Cloud and decline to its lower limit.
