H4
Yesterday the bulls were active on the Australian dollar market. They recovered the rate up to the 4-hour Kijun-sen (4) despite the expectations of further downtrend.
Nevertheless, both major and short-term trend remain downside. Thus, the Ichimoku Cloud has a downside character supported by the Senkou Span A (1). The Tenkan-sen and the Kijun-sen formed a Dead cross (5).
Probably in the nearest future the attack of the bulls will be over and after a test of the Kumo lower limit the price will resume declining.
H1
In a 1-hour graph the short-term tendency has changed in favour of the buyers. As a result of yesterday’s recovery the Tenkan-sen and the Kijun-sen formed a Gold Cross (5) that remains valid today as well.
Besides, the Chinkou Span broke the price graph up and at the moment remains in the positive area. Obviously, this adds up to the optimism of short-term traders.
Nevertheless, the Ichimoku Cloud is still negative and the bulls might lack power to overcome numerous resistances. Closest levels are located at 1.0308, 1.0340, and 1.0360.
In the next few hours the price is likely to return inside the Ichimoku Cloud to short-term lines.
