AUD/USD 4 Hour: Testing Upper Band of Ichimoku Cloud and Bollinger (BB) at 0.7693
Suggested positioning: Long positions above 0.7641 with target set at 0.7736 and 0.7777
Technical Analysis: Unable to break below a key support level, the pair is rebounding and breaking inside the Ichimoku cloud and our pivot point at 0.7641. The RSI is heading up and we could see more upside moves towards Fibonacci levels at 0.7736 and 0.7777 in extension
Alternative Scenario: If the pair is unable to confirm a break above the turning point or the Ichimoku cloud, we could see further drops back to support level at 0.7580 and 0.7537 levels
Where I’m setting my stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 0.7580 | 0.7641 | 0.7736 |
| 0.7535 | 0.7693 | 0.7777 |
