H4
The bears initiated a counter attack on the Australian dollar market and last week’s consolidation turned into a short-term downtrend.
During yesterday’s trading session the price broke the 4-hour Kijun-sen down and rushed to the upper limit of the Cloud.
The Tenkan-sen and the Kijun-sen united and are coinciding at the moment. At the same time, they follow the decline of the price that has already reached the Senkou Span A.
The Chinkou Span is in a negative area as well, after crossing the price graph down.
Apparently the bearish sentiment is dominating on the market and in the nearest time the price might trade near the upper limit of the Cloud.
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H1
As expected, in 1-hour graphs the price reached the lower limit of the Cloud yesterday. However, by the end of the European session the aussie recovered sharply. The price returned and even tested the Kijun-sen that formed a resistance by that moment. The bulls could not break it and the aussie continued to fall in the US session.
By the end of the trading session the price appeared near the lower limit and nearly formed the pattern Double rebound inside.
Today’s trading started with selling of the Australian currency: we might consider the possibility of the price fixating below the Senkou Span B.
The downtrend is likely to be resumed after a slight consolidation.
